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Frequently
Asked Questions
Glossary
of Real Estate Terms
Glossary for "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 applicant's 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.
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 that 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 lender's periodic examination of an escrow account to determine
if the lender is withholding enough funds 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
that the buyer, seller and lender establish in a real estate transaction
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 an executor.
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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