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REAL ESTATE GLOSSARY
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EARNEST MONEY DEPOSIT
A cash deposit made to a home seller to secure an offer to buy the property.
EASEMENT
The right of a non-owner of property to exert control over a portion or all of the property. For example, power companies often own an easement over residential properties for access to their power lines.
EAVE
The part of the roof that extends beyond the exterior wall.
ECONOMIC DEPRECIATION
The decline in property value caused by external forces, such as neighborhood blight or adverse development.
ECONOMIC LIFE
The amount of time which any income-producing property is able to provide benefits to its owner.
EFFECTIVE AGE
An appraiser's estimate of the physical condition of a building. 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. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.
EMINENT DOMAIN
The power of the state to take private property for public use upon payment of just compensation.
EMPLOYER ASSISTED HOUSING
A special housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes.
ENCROACHMENT
A building or other improvement on one property which invades another property or restricts its usage.
ENCUMBRANCE
A claim against a property. Examples are mortgages, liens and easements.
ENDOSER
A person who signs ownership interest over to another party. Contrast with co-maker.
ENERGY EFFICIENCY RATIO
An efficiency rating system for air conditioning units that corresponds to the number of BTU's output per watt of electricity used.
ENTITLEMENT
The VA home loan benefit is called entitlement. This entitlement is for a VA guaranteed home loan. This is also known as eligibility.
EQUAL CREDIT OPPORTUNITY ACT (ECOA)
U.S. federal law requiring that lenders afford people equal chance of getting credit without discrimination based on race, religion, age, sex etc
EQUITY
The difference between the fair market value of a property and that amount an owner owes on any mortgages or loans secured by the property.
EQUITY BUILDUP
The natural increase in the amount of equity an owner has in a property, accumulated through market appreciation and debt repayment.
EQUITY SHARING
A form of joint ownership between an owner/occupant and an owner/investor. The investor takes depreciation deductions for his share of the ownership. The occupant receives a portion of the tax write-offs for interest and taxes and a part of his monthly payment is treated as rent. The co-owners divide the profit upon sale of the property.
ERRORS AND OMISSIONS INSURANCE
An insurance policy taken out by appraisers to cover their liability for any mistakes made during the appraisal process.
ESCALATOR CLAUSE
A clause in a loan providing for increases in payments or interest based on pre-determined schedules or on a specific economic index, such as the consumer price index.
ESCHEAT
The reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs.
ESCROW
A third party agent that receives, holds, and/or disburses certain funds or documents upon the performance of certain conditions. For example, an earnest money deposit is put into escrow until the transaction is closed. Only then can the seller receive the deposit.
ESCROW ACCOUNT
An account setup by a mortgage servicing company to hold funds with which to pay expenses such as homeowners insurance and property taxes. An extra amount is paid with regular principal and interest payments that goes into the escrow account each month.
ESCROW ANALYSIS
An analysis performed by the lender usually once each year to see that the amount of money going into the escrow account each month is correct for the forecasted 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
The payout of funds from an escrow account to pay property expenses such as taxes and insurance.
ESCROW FEE
These costs cover the preparation and transmission of all home purchased-related documents and funds. Escrow fees range from several hundred to over a thousand dollars, based on the purchase price of your home. Not all states require funds to be put into escrow accounts for closing.
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. Known as "impounds" or "reserves" in some states.
ESTATE
The 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
The legal removal of real property occupants for unlawful actions carried out by those occupants.
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, but reserving the owner's right to sell the property alone without the payment of a commission.
EXECUTOR
The person named in a will to administer the estate.
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