The Following are real estate terms and topics: Starting With the Letter (E)

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The Following are real estate terms and topics: Starting With the Letter (E)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms E

Earnest money deposit
Most offers to buy a house are accompanied by a check. This check is generally referred to as the “earnest money deposit.” The basic reason for the deposit is to impress the seller that the buyer “earnestly” intends to purchase the property, which shows that the potential buyer, is serious about buying the house.

Easement
An easement allows another person the right to use your land for a specific purpose.

Effective age
An appraiser’s estimate of the physical condition of a building, in years.. The actual age of a building may be shorter or longer than its effective age.

Effective gross income
Normal annual income including overtime that is regular or guaranteed.

Eminent domain
The right of a government to take private property for public use upon payment of its fair market value.

Employer-assisted housing
Employers work with local lenders to develop plans to assist their employees in purchasing homes.

Encroachment
An improvement that intrudes illegally on another’s property.

Encumbrance
Anything that affects or limits the fee simple title to a property.

Endorser
A person who signs ownership interest over to another party.

Enforceable Contract
A contract in which all the terms and conditions are valid and the parties bound by the contact are responsible for carrying out the obligations set fourth in the contract.

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.

Escrow
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition.

Escrow account
The account in which a mortgage servicer holds the borrower’s escrow payments prior to paying property expenses.

Escrow analysis
A report, usually conducted at the completion of a calendar year, itemizing all expenditures from and contributions to an Escrow Account.

Escrow closing
Describes a closing transaction where a dis interested third party presides over the closing. Paperwork is handled through this thrid party, and the other parties might not be present at the closing.

Escrow collections
Funds are collected and set aside in an escrow account to pay the borrower’s property taxes, mortgage insurance, and hazard insurance.

Escrow disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.

Escrow payment
The portion of a mortgagor’s monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.

Estate
The ownership interest of an individual in real property.

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 listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.

Executed Contract
A contract where all the terms have been fulfilled by all the parties.

Executory Contract
A contract which has not been completely performed in which the terms have not been fully carried out by one or more parties to the agreement.

Executor
A person named in a will to administer an estate.

Express Contract
Oral and written contracts in which the parties have explicitly and specifically set out their terms.

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