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 Home Real estate glossary |
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| EARNEST MONEY DEPOSIT | A cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer. | | | | | EASEMENT | The right of a non-owner of property to exert control over a portion or all of the property. For example, power companies often own an easement over residential properties for access to their power lines. | | | | | EAVE | The part of the roof that extends beyond the exterior wall. | | | | | ECONOMIC DEPRECIATION | The decline in property value caused by external forces, such as neighborhood blight or adverse development. | | | | | ECONOMIC LIFE | The amount of time which any income-producing property is able to provide benefits to its owner. | | | | | EFFECTIVE AGE | The subjective, estimated age of a property based on its condition, rather than the actual time since it was built. Excessive wear and tear can cause a property's effective age to be greater than its actual age. | | | | | EMINENT DOMAIN | The legal process whereby a government can take ownership of a piece of property in order to convert it to public use. Often, the property owner is paid fair-market value for the property. | | | | | ENCROACHMENT | A building or other improvement on one property which invades another property or restricts its usage. | | | | | ENCUMBRANCE | A claim against a property. Examples are mortgages, liens and easements. | | | | | ENERGY EFFICIENT RATIO | An efficiency rating system for air conditioning units that corresponds to the number of BTU's output per watt of electricity used. | | | | | EQUAL CREDIT OPPORTUINITY ACT (ECOA) | U.S. federal law requiring that lenders afford people equal chance of getting credit without discrimination based on race, religion, age, sex etc | | | | | EQUITY | The difference between the fair market value of a property and that amount an owner owes on any mortgages or loans secured by the property. | | | | | ESCROW | An independent third party, such as First American Title, who acts as the agent for buyer and seller, or for borrower and lender, carrying out instructions of both and disbursing documents and funds. Escrow closes and the transfer of property or document is completed upon fulfillment of certain conditions specified in the written instructions, whereupon the necessary deeds and other instruments are recorded. | | | | | ESTATE | (1) The interest or nature of the interest which one has in property, such as a life estate, the estate of a decreased, real estate, etc. (2) A large house with substantial grounds surrounding it, giving the connotation of belonging to a wealthy person. | | | | | EXECUTION | An order directing a sheriff, constable, marshal or court-appointed commissioner to enforce a money judgment against the property of a debtor. This officer, if necessary, may sell the property to satisfy the judgment. | | | | | EXECUTOR | A person appointed in a will and affirmed by the probate court to cause a distribution of the decedent's estate in accordance with the will. (The one who makes the will is called a "testator.") If a woman is appointed, she is referred to as the "executrix." | | | |
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