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Real Estate Terms - letter E



Real Estate Terms - letter E

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Letter E


Earnest money deposit
A deposit made by the probable home buyer to demonstrate that he or she is serious about buying the house.

Easement
A right of way giving people other than the owner access to or over a property.

Effective age
An appraiser's estimate of the physical condition of a building. The real age of a building may be shorter or longer than its valuable age.

Eminent domain
The right of a government to take personal property for public use upon payment of its fair market value. important domain is the basis for condemnation proceedings.

Encroachment
An improvement that intrudes dishonestly on another's property.

Encumbrance
Anything that affects or restrictions the fee simple title to a property, such as mortgages, leases, easements, or restrictions.

Endorser
An individual who signs ownership interest over to another party. Contrast with co-maker.

Equity
A homeowner's financial interest in a property. Impartiality is the variation between the fair market value of the property and the quantity still owed on its mortgage.

Escrow account
The account in which a mortgage servicer has the borrower's escrow payments prior to paying property costs.

Escrow analysis
The periodic examination of escrow accounts to decide if current monthly deposits will give adequate funds to pay taxes, insurance, and other bills when due.

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

Eviction
The lawful exclusion of an occupant from real property.

Examination of title
The information on the title of a property from the public records or an abstract of the title.

Executor
An individual named in a will to manage an estate. The court will appoint a manager if no executor is named. "Executrix" is the feminine form.