earnest money deposit (EMD)
|
A deposit made by potential home buyers to show that they are
serious about buying the house. |
easement
|
A right-of-way giving persons other than the owner access to
or over a property. |
eminent domain
|
The right of a government to take private property for public
use. |
encroachment
|
An improvement that intrudes illegally on another’s
property. |
encumbrance
|
Anything that affects or limits the fee simple title to a
property, such as mortgages, leases, easements or
restrictions. |
equal credit opportunity act (ECOA)
|
A federal law that requires lenders and other creditors to
make credit equally available without discrimination based on
race, color, religion, national origin, age, sex, marital status,
or receipt of income from public assistance programs. |
equity
|
A homeowner's financial interest in a property. Equity is the
difference between the fair market value of the property and the
amount still owing on the mortgage. |
escheat
|
The reversion of title to a property to the state. Can occur
when an owner dies with no legal heirs or when a corporate owner
is dissolved by act of law or by voluntary act while holding
legal title to the property. |
escrow
|
A state wherein consideration, benefits, legal rights, money,
documents or other valuables are transferred to another party in
advance of that party's legal entitlement to them, on the basis
that the legal entitlement will arise at a given point in the
future. A form of trust. |
escrow account
|
An account in which a mortgage servicer holds the
borrower’s escrow payments prior to paying property
expenses. |
escrow instructions
|
The buyer, seller and lender cause escrow instructions to be
created, signed and delivered to the escrow officer. The escrow
officer will then process the escrow, in accordance with the
escrow instructions. |
estate
|
The ownership interest of an individual in real property. The
sum total of all the real property and personal property owned by
an individual at the time of death. |
estoppel
|
A legal doctrine which blocks a person from taking a position
on any fact which is contrary to a position that same person
previously took on that same fact. Also blocks a party from
re-opening an issue that has previously been decided by a
court. |
eviction
|
The lawful expulsion of an occupant from real property. |
examination of title
|
The report on the title of a property from the public records
or an abstract of the title. |
exclusive agency listing
|
A written agreement between a real estate broker and a
property owner in which the owner promises to pay a fee or
commission to the broker if specified real property is leased or
sold during the listing period. |
exclusive right-to-sell listing
|
A written contract that gives a real estate agent the
exclusive right to sell a property for a specified time, but
reserving the owner’s right to sell the property alone
without the payment of a commission. |
executor
|
A person named in a will to administer an estate. The court
will appoint an administrator if no executor is named.
"Executrix" is the feminine form. |