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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Early Occupancy: when the seller of a property allows the buyers to occupy the property before the sale is complete.
Easement: right given to an individual or agency authorizing access to or over the owner’s property.
EEM: Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase.
Effective Age: appraiser's estimate of the physical condition of a building.
Effective Gross Income: normal annual income including overtime pay that is regular or guaranteed.
Eminent Domain: right of a government to take private property for public use upon payment of its fair market value.
Employer-Assisted Housing: program in which companies assist their employees in purchasing homes by providing assistance with the down payment, closing costs, or monthly payments.
Encroachment: improvement that intrudes illegally on another's property.
Encumbrance: anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
Endorser: person who signs ownership interest over to another party.
Equal Credit Opportunity Act: A federal law prohibiting lenders or other creditors from refusing credit based on the applicant’s race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract); on the fact that all or part of the applicant’s income is derived from public assistance; or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Equity: an owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage from the fair market value of the property.
Escrow: item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition.
Escrow Account or Impound Account: account established to hold funds for payment of various homeowner’s expenses, such as hazard insurance or property taxes.
Escrow Agent: neutral third party who holds money and documents until all conditions of the agreement are satisfied and then directs the closing of the transaction.
Escrow Analysis: periodic review of an escrow account by a lender to determine if the lender is withholding enough funds from the borrower’s monthly mortgage payment to cover property taxes, insurance, or other expenses.
Escrow Collections: funds collected by the servicer and set aside in an escrow account to pay the borrower's property taxes, mortgage insurance, and hazard insurance.
Escrow Disbursements: use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
Escrow Instructions: instructions prepared by the escrow agent stating the conditions, parameters, and contingencies of a transaction.
Estate: ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
Eviction: lawful expulsion of an occupant from real property.
Examination of Title: A review of public records and other documents by a title company to establish the ownership of a property.
Exclusive Listing: written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
Executor: person named in a will to administer an estate.
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