Property and real estate glossary
There are 150 entries in this glossary.All
| Term | Definition |
|---|---|
| DISTRESSED PROPERTY |
A mortgaged property which has been foreclosed on. |
| DOWN PAYMENT |
An amount paid in cash for a property, with the intent to mortgage the remaining amount due. |
| DUE ON SALE PROVISION |
A clause in a mortgage giving the lender the right to demand payment of the full balance when the borrower sells the property. |
| DUPLEX |
A single-building improvement which is divided and provides two units which serve as homes to two families. |
| DWELLING |
A house or other building which serves as a home. |
| 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. |