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Glossary of Real Estate Terms
E
| Early occupancy |
| The condition in which buyers can occupy the property before the sale is completed. |
| Earnest money |
| Money a buyer gives with an offer to purchase a property. Also called a deposit. |
| Earthquake insurance |
| A policy that provides coverage against damage to a home from an earthquake. |
| Easement |
| A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains. |
| Eaves |
| The projecting overhang at the lower edge of a roof |
| 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. |
| 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. |
| Eminent domain |
| The government's right to condemn private land for public use, such as the routing of a public highway. |
| Employer-assisted housing |
| Programs which help employees purchase homes through special plans developed with lenders. |
| Empty nesters |
| 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. |
| 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. |
| 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. |
| 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 |
| 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. |
| Equifax |
| Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374. Internet: http://www.equifax.com. |
| Equity |
| A determination of the value of a property after existing liens are deducted. |
| Errors and omissions insurance |
| A policy that pays for any mistakes a builder or architect makes in a project. |
| 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 servicer 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 servicer 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. |
| 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. |
| Exclusive listing |
| A contract that gives an agent the exclusive right to market a property for a specific period of time. |
| Executor |
| A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint anexecutor. |
| Exhaust fan |
| Ventilating devices that remove water vapor, undesired smells or smoke. |
| Experian |
| Experian, formerly known as TRW Information Systems & Services, is one of the "Big Three" credit-reporting bureaus. Address: 505 City Parkway West, Orange, CA 92868. |
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