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Earnest Money Deposit: A sum of money given in advance of a larger
amount being expected in the future. A
cash deposit made by the potential home buyer to
show that he or she is serious about buying the
house.
Easement: A right of way giving persons
other than the owner access to or over a
property.
ECOA: The 1974 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.
Economic Life: The period over which a
property will yield a return on the investment,
over and above the economic or ground rent due
the land.
Effective Age: Not to be confused with
the actual age of the property, an appraiser’s
estimate of the physical condition of a
building.
Eminent Domain: The right of the
government to take private property for public
use by condemnation. The owner must be
compensated fully.
Encroachment: An improvement that
intrudes illegally or trespasses on another’s
property.
Encumbrance: A cloud against clear, free
title to the property which does not prevent
conveyance, such as unpaid taxes, easements,
deed restrictions, mortgage loans, etc.
Enforceable: Ability to cause to take
effect; An agreement or contract between persons
in which one or other party can legally compel
the performance of another or other parties.
Equal Credit Opportunity Act: The 1974
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: The difference in amount between
the fair market value of the property and the
amount still owed on its mortgage and other
liens.
Escheat:The reversion of property to the
state in the event the owner thereof dies
without leaving a will and has no family to whom
the property may pass by lawful descent.
Escrow: An item of value, money, or
documents deposited with a third party to be
delivered upon the fulfillment of a condition.
For example, the earnest money deposit is put
into escrow until delivered to the seller when
the transaction is closed.
Escrow Account: A third party account
that holds money safely and neutrally while a
sale is in progress.
Escrow Analysis: An analysis performed by
the lender to make sure the correct amount of
money for the anticipated expenditures is
sufficiently collected.
Escrow Disbursements: The use of escrow
funds to pay real estate taxes, hazard
insurance, mortgage insurance, and other
property expenses as they become due.
Estate: The total sum of all the real
property and personal property owned by a person
at the time of death.
Estoppel: A legal theory under which a
person is barred from asserting or denying a
fact because of the person's previous acts or
words.
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.
Exchange: A means of trading equities in
two or more real properties, treated as a single
transaction through a single escrow or as a
deferred exchange through two or more escrows.
Exclusive Agency Listing: A written
instrument giving one agent the right for a
specified time to sell a property, but reserving
the right of the owner to sell the property
himself without payment of a commission to the
agent.
Exclusive Listing: A written contract
that gives a licensed real estate agent the
exclusive right to sell a property for a
specified time.
Exclusive: Right to Sell Listing A
written agreement between an owner and an agent
giving the agent the right to collect a
commission if the property is sold by anyone
during the term of his agreement.
Execute: To complete, to make, to
perform, to do, to follow out.
Executed Contract: A contract that is
fully performed.
Execution of Contract: To sign a
contract.
Executor: A person named in a will to
carry out its terms and administer the estate.
Executor's Deed: A legal deed to real
property given by an executor of an estate.
Executory Contract: A contract not yet
fully performed.
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