Real Estate Terms
Earnest Money: Earnest money given by a buyer with an offer to purchase a property.
Easement: A right by persons other than the property owner to "use" the property.
Easement Appurtenant: An easement which benefits another adjacent property.
Easement By Prescription: An easement granted by a court on the basis that one existed even though there is none written after open and continuous use.
Easement in Gross: An easement granted for the sole purpose of a person or entity.
Easement of Necessity: An easement granted by a court because of necessity.
Eave: The portion of the roof that extends further than the exterior wall.
Economic Life: The amount of time by which an income producing property produces a positive cash flow.
Effective Age: The estimated age of a property based on the observation of the present condition.
Elevation: The exterior design of a building.
Eminent Domain: The legal process for a government entity to forcibly take ownership of private property for public use.
Encroachment: An improvement on one property that extends over onto another property.
Encumbrance: A claim or lien against a property.
Equity: The difference between the market value of a property and the debt(s) owed on the property.
Equity Build-up: The increase in equity of a property thru appreciation and debt repayment.
Equity Line of Credit: A line of credit based on the equity in a property.
Erosion: The deterioration of land over a period of time.
Escrow: Amounts held by a third party for a future obligation.
Escrow Account: An account set up by a lender for payment of taxes, insurance and other debts against a property.
Estate: The ownership interest held by an individual in a property.
Estate at Sufference: An estate whereby possession is held by someone who no longer has a lawful interest in the property.
Estate at Will: An estate whereby someone other that the owner has possession with the permission of the owner.
Estate For Life: An estate whereby possession of a property is granted for the "life" of that person.
Estate for Years: An estate granted for a stated period of years.
Estate in Reversion: Possession to an estate reverting back after the stated period of time has elapsed.
Estate of Inheritance: An estate which may transfer to heirs after the death of the owner.
Estate Tax: Tax levied on an estate based on market value after the death of the owner.
Estoppel: The blockage of placing a lien on a property.
Eviction: The court process for removing someone who is in possession of property illegally.
Evidence of Title: An instrument that demonstrates ownership to a property.
Examination of Title: The report on the title of a property after the examination of public records.
Exchange (1031): The exchange of property for tax benefits.
Exclusive Agency Listing: An agreement between the seller of a property and a real estate broker whereby the broker is due a commission if anyone other that the seller sells the property.
Exclusive Right to Sell Listing: An agreement between the seller of a property and a real estate broker whereby the broker is the exclusive agent and is due a commission upon the sale of the property.
Real Estate Terms beginning with D
Real Estate Terms beginning with F