Your Online Legal Resource Center for Property Management

EARLY AMERICAN - Commonly refers to a style of furniture or décor which include antiques.

EARLY OCCUPANCY - The condition in which buyers can occupy the property before the sale is completed.

EARNEST MONEY - Money deposited as a partial down payment on real property to demonstrate an earnest desire to purchase it.

EARNINGS - Money acquired for the performance of labor or a service.

EARTHQUAKE INSURANCE - A policy that provides coverage against damage to a home from an earthquake.

EASEMENT - The right to cross over or through another property.

EASEMENT APPURTENANT - The actual easement granted to another property of its owner which passes with title and actually is attached to the property.

EASEMENT IN GROSS - An easement granted to a company rather than an individual property, such as for public utilities.

EASEMENT OF NECESSITY - A right-of-way granted by court to create access, usually for landlocked property.

EAVES - The projecting overhang at the lower edge of a roof

ECONOMIC BASE ANALYSIS - A measurement of population and employment patterns to determine future economic values of real estate.

ECONOMIC LIFE - The term of time over which a structure is estimated to be profitable useable; the remainder thereof.

ECONOMIC OBSOLESCENCE - Actual depreciation of property created by economic, social or environmental factors and not caused by the property itself.

ECONOMIC RENT - Rent that is established by supply and demand, the market rental value

EFFECTIVE AGE - The age of a structure estimated by its condition rather than its actual age.

EFFECTIVE GROSS INCOME - Additional income that a lender considers when assessing the loan application of a potential borrower.

EFFICIENCY UNIT - A one room apartment with kitchen and bedroom combined.

EFFLUENT - Sewage after it has been partially treated; water running from a mainstream.

EGRESS - a property exit

EJECTMENT - The act of legally removing someone from property or enforcing the terms of the right to possess.

ELECTION OF REMEDIES - A choice of alternative actions by the injured party upon breach of contract.

ELECTRIC SERVICE PANEL - A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers.

ELEVATIONS - The exterior view of a home design that shows the position of the house relative to the grade of the land.

ELL - An extension or wing of a house that is at right angles to the main structure.

EMBLEMENTS - Crops grown by a tenant which may be removed upon expiration of a lease.

EMINENT DOMAIN - The government's right to condemn private land for public use, such as the routing of a public highway. The power vested in a government body to take private property for public use.

EMPLOYER-ASSISTED HOUSING - Programs which help employees purchase homes through special plans developed with lenders.

EMPTY-NESTER - Potential buyers who have raised their families and want to move into a smaller home.

ENCROACHMENT - Fences or other structures that extend into the property of another owner. The partial or whole, unauthorized construction of a fence, building or other structure on another's property.

ENCUMBRANCE - A claim or lien on a property which complicates the title process.

END LOAN - The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed.

ENDORSEMENT - The assignment by the holder of a negotiable instrument, such as a note or check, to another by affixing their signature to the back.

ENDORSER - A person who signs over ownership of property to another party.

ENGLISH TUDOR STYLE - An architectural design that features stone or brick exterior walls and exposed beams.

ENTITY - An association or body of people acting as one, such as a corporation or government; a separated being, not an individual.

ENVIRONMENT- The area around a property which may affect its value.

ENVIRONMENTAL DEFICIENCY - A detrimental factor which has an affect on property value, such as poorly planned zoning, inadequate street or sewer facilities, etc.

ENVIRONMENTAL IMPACT - The effect that a commercial or residential development, etc., will have on surrounding facilities or resources, such as the effect of increased population and their use of water, sewers, and schools.

ENVIRONMENTAL IMPACT STATEMENT - A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.

ENVIRONMENTALLY FRIENDLY HOME CONSTRUCTION - A method of construction that utilizes recycled materials

ENVIRONMENTAL PROTECTION AGENCY (EPA) - The federal agency charged with protecting natural resources.

EQUAL CREDIT OPPORTUNITY ACT - A federal law that prohibits a lender or other creditor from refusing to grant credit based on the sex, marital status, race, religion, national origin or age. The law also prohibits a creditor from refusing to grant credit because the applicant receives public assistance.

EQUALIZATION BOARD - See Board of Equalization.

EQUAL RIGHT OF POSSESSION - Granted to all parties of interest under a tenancy in common deed.

EQUIFAX - Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: PO Box 740249, Atlanta, GA 30374. Internet: http://www.equifax.com.

EQUITABLE CONVERSION - The law that establishes the title of an owner purchasing property under contract prior to it being paid in full.

EQUITABLE SERVITUDE - The doctrine that establishes an owner's right to enforce the covenants, conditions and restrictions of a developed area for uniform usage; the right of a homeowner in a tract of single family dwellings to enforce conformity in unit size or prevent the building of a multifamily structure.

EQUITABLE TITLE - Ownership without legal title, such as a vendor under a land contract.

EQUITY - A determination of the value of a property after existing liens are deducted.

EQUITY OF REDEMPTION - The right of a party in default to pay back payments owed on principal, interest and costs.

EQUITY PURCHASER - A buyer who assumes or takes over an existing mortgage or deed of trust, and shoe down payment equals the seller's equity

ERRORS AND OMISSIONS INSURANCE - A policy that pays for any mistakes a builder or architect makes in a project.

ESCALATION CLAUSE - A clause in a lease, option, or mortgage which calls for an increase in rent, sale price or interest rate according to the current rate of inflation, market value or expenses.

ESCHEAT - The reverting of title to property to the state when the owner dies and there are no known heirs.

ESCROW - A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower to cover property taxes and insurance.

ESCROW ACCOUNT - An account a lender or mortgage server establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.

ESCROW AGENT - A neutral third party who ensures that all conditions of a real estate transaction are met.

ESCROW ANALYSIS - A periodic examination of an escrow account by a lender to determine if enough funds are being withheld from a borrower's monthly mortgage payment to pay for expenses such as property taxes and insurance.

ESCROW CLOSING - Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.

ESCROW COMPANY - Firms that act as neutral third parties to ensure that all conditions in a real estate transaction established by the buyer, seller and lender are met.

ESCROW PAYMENT - Funds that a mortgage server withdraws from a borrower's escrow account to pay property taxes and insurance.

ESTATE - The total assets of a person, including real property, at the time of death.

ESTIMATE OF VALUE - An opinion of worth given by a real estate associate not certified as an appraiser, as to the current market value of real property.

ESTOPPEL - The inability to impose a legal right because of a prior action to assert a claim, defense or right.

EVICTION - A legal procedure to remove a tenant for reasons including failure to pay rent.

EXAMINATION OF TITLE - An inspection by a title company of public records and other documents to determine the chain of ownership of a property.

EXCAVATION - The process of clearing trees, removing topsoil and grading land before the foundation is laid.

EXCHANGE - The concurrent and reciprocal transfer of real property for the purpose of deferring taxes owed on gain; to qualify as a tax-free exchange, certain guidelines must be followed.

EXCLUSIVE AGENCY AGREEMENT - A listing agreement in which a seller obligates himself to pay a commission to a specified brokerage firm if the sale is made; the owner reserves the right to sell the property himself without paying a commission.

EXCLUSIVE LISTING - A contract that gives an agent the exclusive right to market a property for a specific period of time.

EXCLUSIVE RIGHT TO SELL AGREEMENT - A listing agreement whereby the seller obligates himself to pay a commissions to a specified brokerage firm, regardless of who make the sale; the owner does not reserve the right to sell the property himself without paying a commission.

EXECUTOR - A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor.

EXECUTORY CONTRACT - An agreement whose terms are not entirely fulfilled at the time of sale, such as a land contract.

EXHAUST FAN - Ventilating devices that remove water vapor, undesired smells or smoke.

EXISTING MORTGAGE - The balance of a mortgage on real property.

EXPOSURE - The amount of advertising done, or the amount of potential buyers and renters notified of a property for sale or rent; the view toward which a property faces such as east, west, etc.

EXPRESS - Clearly defined

EXPROPRIATION - The taking of private property by an entity such as a government. See eminent domain.

EXTENDED COVERAGE - Coverage of casualty due to losses not ordinarily included in a standard insurance policy.

EXTENDER CLAUSE - An automatic renewal clause in a listing agreement.