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Early occupancy
The condition in which buyers can occupy the property before
the sale is completed. |
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Earnest money
Money a buyer gives with an offer to purchase a property.
Also called a deposit. |
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Earthquake insurance
A policy that provides coverage against damage to a home from
an earthquake. |
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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. |
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Eaves
The projecting overhang at the lower edge of a roof. |
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Effective age
The age of a structure estimated by its condition rather than
its actual age. |
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Effective gross income
Additional income that a lender considers when assessing the
loan application of a
potential borrower. |
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Effective Rental Income
Potential rental income minus vacancy and credit losses. |
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Electric service panel
A panel that transfers power from the utility line into a
house to be distributed through
fuses or circuit breakers. |
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Elevations
The exterior view of a home design that shows the position
of the house relative to the grade of the land. |
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Ell
An extension or wing of a house that is at right angles to
the main structure. |
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Eminent domain
The government's right to condemn private land for public
use, such as the routing of a public highway. |
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Employer-assisted housing
Programs which help employees purchase homes through special
plans developed with lenders. |
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Empty nesters
Potential buyers who have raised their families and want to
move into a smaller home. |
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Encroachment
Fences or other structures that extend into the property of
another owner. |
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Encumbrance
A claim or lien on a property which complicates the title
process. |
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End loan
The conversion from a construction loan to permanent financing
a condominium buyer secures after all units in a project have
been completed. |
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Endorser
A person who signs over ownership of property to another party. |
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English Tudor style
An architectural design that features stone or brick exterior
walls and exposed beams. |
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Environmental impact statement
A government-mandated evaluation of all aspects and effects
a development will have on the environment of a proposed site. |
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Environmentally friendly home construction
A method of construction that utilizes recycled materials. |
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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. |
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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 | website |
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Equity
A determination of the value of a property after existing
liens are deducted. |
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Equivalent level rate (ELR)
Flat rate per square foot that will equal the same total present
value as a proposed lease's variable cash flows. |
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Errors and omissions insurance
A policy that pays for any mistakes a builder or architect
makes in a project. |
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Escalation
A clause in a lease providing for an increased rental rate
at a future time. |
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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. |
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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. |
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Escrow agent
A neutral third party who ensures that all conditions of a
real estate transaction are met. |
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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. |
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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. |
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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. |
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Escrow payment
Funds that a mortgage servicer withdraws from a borrower's
escrow account to pay property taxes and insurance. |
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Estate
The total assets of a person, including real property, at
the time of death. |
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Estimated gross costs of buying
Total principal and interest payments over the number of years
that you plan to own your home. |
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Estimated increase in equity
A specified property value increased by a selected rate of
appreciation for a specific number of years. |
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Estimated net costs of buying
The estimated gross costs of buying minus estimated tax savings
and the estimated increase in equity. |
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Estimated tax savings
The amount of tax a renter would save instead of owning a
home based on property taxes and interest paid. |
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Estimated total costs of renting
The total current rental payments for the same number of years
you would plan to own a home increased by a yearly rental
increase adjustment. |
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Estimated total savings
The estimated net costs of renting minus the lower net cost
of buying. |
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Estoppel certificate
Prevents individuals from asserting facts different from those
contained in the document. Tenant and landlord both sign the
document to confirm the facts pertaining to the lease. |
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Eviction
A legal procedure to remove a tenant for reasons including
failure to pay rent. |
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Examination of title
An inspection by a title company of public records and other
documents to determine the chain of ownership of a property. |
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Excavation
The process of clearing trees, removing topsoil and grading
land before the foundation
is laid. |
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Exchange
A sale in which the buyer partly pays for the property with
a 'like kind' property instead
of cash; a 'like kind' property is defined by the IRS because
of tax implications. |
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Exclusive listing
A contract that gives an agent the exclusive right to market
a property for a specific period of time. |
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Exclusivity
A restriction on the tenant's right to open a competing retail
outlet within a certain area
of leased premises. |
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Executor
A person appointed to carry out the instructions in a will.
If there is no will, a probate court will appoint an executor. |
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Exhaust fan
Ventilating devices that remove water vapor, undesired smells
or smoke. |
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Expansion option
Right granted by the landlord which provides the option of
adding more space to the premises. |
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Expense stop
Fixed amount in a lease that serves as a limit on the amount
for which the tenant is responsible, in the event expenses
exceed a pre-stated amount. |
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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
| website |
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Extension option
Agreed continuation of occupancy under the same conditions
as outlined in previous agreements. |
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