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Here is the "E" page
from our dictionary of
real estate terms and definitions beginning with "earnest money deposit" and
ending with "extension".
We try to provide as much information
as possible to buyers of Ocala Real Estate. These terms and definitions apply
pretty much nation wide, and we try to update with terms specifically relating
to Florida Real Estate as soon as we come across something we've missed. We
welcome your comments and suggestions!
EARNEST MONEY DEPOSIT:
Deposit accompanying an offer.
EASEMENT:
Created by grant or agreement for a specific purpose, an easement is the
right, privilege or interest which one party has in the land of another.
Right-of-way, for example.
EASEMENT BY
NECESSITY:
A land owner's right to make use of the property of another (or a portion
of it) for a specific purpose, when such use is required to allow the land owner
to enjoy his own land.
EASEMENT BY
PRESCRIPTION:
The continuing, unchallenged use of all or part of a property by the
owner of a neighboring or nearby property for a specific period of time (20
years in many jurisdictions) such that, by law, the using owner gains a legal
right to continue that use.
EASTLAKE HOUSE:
A house which is remarkable for its three-dimensional ornamentation
following a nineteenth-century style.
ECONOMIC BASE:
The commercial or industrial foundation of a community which provides
opportunities for employment.
ECONOMIC
DEPRECIATION:
The decline in value of a property which is caused by reasons outside of
the property itself.
ECONOMIC LIFE:
The period over which a property will yield a return on the investment,
over and above the economic or ground rent due to land.
ECONOMIC OBSOLESCENCE:
A loss in value due to factors outside the subject property but adversely
affecting the value of the subject property.
ECONOMIC RENT:
The reasonable rental expectancy if the property were available for
renting at the time of its valuation. Earnings attributable to the ground
itself.
EFFECTIVE AGE OF
IMPROVEMENT:
The number of years of age that is indicated by the condition of the
structure.
EFFECTIVE GROSS
INCOME:
The maximum rent from income property minus the vacancies.
EFFECTIVE INTEREST
RATE:
The percentage of interest that is actually being paid by the borrower
for the use of the money.
EFFICIENCY RATIO:
A comparison of the space in a building available for lease to the total
space of the building.
EFFICIENCY UNIT OR
APARTMENT:
A term for a small dwelling unit in which kitchen and sometimes bath
areas are combined with the living area. Also known as "bachelor apartment" or
"studio apartment".
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EGRESS:
Means of leaving property.
EJECTMENT:
Legal proceeding to evict a tenant without a lease.
ELIZABETHAN OR HALF
TIMBER STYLE:
A two-storey or two-and-a-half storey, English-style house which has the
upper storey overhanging the first, often with stone and stucco walls and
half-timber beams.
EMBLEMENTS:
Growing annual crops. The right of a tenant farmer to harvest his crop
after his lease expires.
EMINENT DOMAIN:
The right of the government to acquire property for necessary public or
quasi-public use by condemnation; the owner must be fairly compensated.
EMPTY NESTERS:
Middle-aged or older couples whose children have grown up and "left the
nest" to live on their own. Often looking to sell a larger house and buy a
smaller one.
ENCROACHMENT:
Trespass; the building of a structure or construction of any improvements
partly or wholly on the property of another.
ENCUMBRANCE:
Anything which affects or limits the fee simple title to property, such
as mortgages, easements or restrictions of any kind. Liens are special
encumbrances which make the property security for the payment of a debt or
obligation, such as mortgages and taxes.
ENDORSER:
The person who signs a document to represent the transfer of property to
another.
ENDORSEMENT:
The signature of the payee on the back of a negotiable instrument.
ENERGY EFFICIENT:
A description of a property which has special features aimed at reducing
use of electrical or heating power (i.e. insulation, double-insulated windows,
high-efficiency furnace, etc.).
ENERGY TAX CREDITS:
A tax break given to property owners who took steps to save energy in
their property such as installing insulation.
ENTITLEMENT:
1. The legal right to a benefit or program.
2. Name for the VA home loan benefit.
ENVIRONMENTAL IMPACT
STATEMENT (EIS):
A report on the anticipated effect of a development on the local
environment. May be required for federal funding for the development.
ENVIRONMENTAL
PROTECTION AGENCY (EPA):
U.S. government agency for the protection of the environment.
EQUAL CREDIT
OPPORTUNITY ACT:
U.S. federal law aimed at affording people of all races, genders,
religions, ages etc. an equal chance to borrow money.
EQUALIZATION BOARD:
Agency with a mandate to ensure fairness in property tax assessments.
EQUITABLE
CONVERSION:
A common law doctrine which treats a Vendor under an Agreement for the
sale of property as holding the property in trust for the Purchaser even before
the transaction has been completed such that the Vendor is liable to the
Purchaser for any damage negligently caused to the property.
EQUITABLE TITLE:
The title held by a vendee under a land contract.
EQUITY:
The interest or value which an owner has in real estate over and above
the liens against it; branch of remedial justice by and through which relief is
afforded to suitors in courts of equity.
EQUITY BUILDUP:
The increase over time of the owner's interest in a property, the
difference between the value of the property and the amount owed on the
mortgage.
EQUITY LOAN:
A loan to a home owner secured against the equity the owner enjoys in the
property.
EQUITY OF REDEMPTION:
The right to redeem property during the foreclosure period.
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EROSION:
The wearing away of land by the action of water, wind or glacial ice.
ERRORS AND OMISSIONS
INSURANCE:
Professional protection from liability for mistakes, negligence, etc.
ESCALATION:
The right reserved by the lender to increase the amount of the payments
and/or interest upon the happening of a certain event.
ESCALATOR CLAUSE:
A clause in a contract providing for the upward or downward adjustment of
certain items to cover specified contingencies.
ESCAPE CLAUSE:
Any provision in a contract that allows one or more parties to end the
contract upon the occurrence of certain events.
ESCHEAT:
The reverting of property to the state when heirs capable of inheriting
are lacking.
ESCROW:
A state wherein consideration, benefits, legal rights, money, documents
or other valuables are transferred to another party in advance of that party's
legal entitlement to them, on the basis that the legal entitlement will arise at
a given point in the future. A form of trust.
ESCROW:
The deposit of instruments and funds with instructions to a third neutral
party to carry out the provisions of an agreement or contract; when everything
is deposited to enable carrying out the instructions, it is called a complete or
perfect escrow.
ESCROW ACCOUNT:
A form of trust account in which advance payments are held on behalf of
the payor until the contract allows their use by the payee or a third party.
ESCROW AGENT:
Any independent third party who receives items to be held in escrow,
holds such items until transfer is allowed, and then delivers them.
ESCROW CLOSING:
The completion of a transaction whereby documents, consideration etc. are
held in trust (either by the parties and their representatives or by an
independent third party) pending the completion of certain conditions, at which
time the items held in escrow are released and the transaction is completed.
ESCROW COLLECTIONS:
Moneys taken in by the agent and set aside for future payments as
required by the contract (i.e., in a mortgage situation, for taxes, insurance,
etc. on the property). Also known as "escrow deposits", "impounds" or
"reserves".
ESCROW DEPOSIT:
Similar to "escrow collections", the deposit of funds for the purpose of
future payments required under the contract.
ESCROW
DISBURSEMENTS:
The payment out of escrow funds of taxes, insurance, etc. as required by
the contract. Also known as "escrow payments".
ESCROW
REIMBURSEMENT:
The return to the borrower of left over funds held in escrow once the
debt has been paid out.
ESTATE:
As applied to the real estate practice, the term signifies the quantity
of interest, share, right and equity, of which riches or fortune may consist in
real property. The degree, quantity, nature and extent of interest which a
person has in real property.
ESTATE AT SUFFERANCE:
Estate of a tenant after his right to possess the property has ended.
ESTATE AT WILL:
The occupation of a premises by a tenant for an undefined period, which
either party may terminate at will.
ESTATE FOR LIFE:
A freehold estate, not of inheritance, but which is held by the tenant
for his own life or the life or lives of one or more other persons.
ESTATE FOR YEARS:
An interest in lands by virtue of a contract for the possession of them
for a definite and limited period of time. A lease may be said to be an estate
for years.
ESTATE IN FEE:
A fee estate. The greatest degree of ownership of real property.
ESTATE IN REVERSION:
The right of an owner to re-occupy land once the estate he has granted to
another person (such as an estate for years or an estate for life) has come to
an end.
ESTATE OF INHERITANCE:
An estate which may descend to heirs.
ESTATE OF WILL:
The occupation of lands and tenements by a tenant for an indefinite
period, terminable by one or both parties.
ESTATE TAX:
A government levy against the property in the estate of a deceased
person, payable out of the estate.
ESTIMATE:
To form a preliminary opinion of value.
ESTIMATED REMAINING LIFE:
The period of time (years) it takes for the improvements to become
valueless.
ESTOPPEL:
A doctrine which bars one from asserting rights which are inconsistent
with a previous position or representation.
ESTOPPEL CERTIFICATE:
A document issued by an interested party setting out certain facts to
which the issuer agrees to be bound. May be issued by a Condominium Corporation
(setting out the common element fees for a particular unit, the amount in the
corporation's reserve account, any special assessments against unit owners,
etc.), by a mortgagor or mortgagee (setting out the terms, conditions, interest
rate and principal outstanding) or by a tenant in a building to be purchased
(setting out amount of rent, the amount of any rental deposit, etc.).
ET AL:
Latin, means "and others".
ET CON:
Latin meaning "and husband".
ET UX:
Latin meaning "and wife".
ETHICS:
That branch of moral science, idealism, justness and fairness which
treats of the duties which a member of a profession or craft owes to the public,
to his clients or patrons, and to his professional brethren or members.
EVALUATION:
An analysis of a property regarding its potential uses rather than its
current value.
EVICTION:
Putting out a tenant when his right to possess the property has ended.
EVIDENCE OF TITLE:
Instruments or documents that provide any proof or information regarding
ownership of land.
EXAMINATION OF
TITLE:
Similar to a subsearch: a review of the current title to a property for
the purposes of establishing current apparent owners and encumbrances.
EXCEPTION:
Withholding part of a property when it is conveyed.
EXCLUSIVE AGENCY
LISTING:
A written instrument giving one agent the right to sell property for a
specified time but reserving the right of the owner to sell the property himself
without the payment of a commission.
EXCLUSIVE RIGHT TO SELL LISTING:
A written agreement between owner and agent giving agent the right to
collect a commission if the property is sold by anyone during the term of his
agreement.
EXCULPATORY CLAUSE:
A clause which releases the landlord from liability due to injuries.
EXECUTE:
To complete, to make, to perform, to do, to follow out; to sign a deed,
to make a deed, including especially signing, sealing and delivery; to execute a
contract is to perform the contract, to follow out to the end, to complete.
EXECUTED CONTRACT:
A contract where both parties have completely performed.
EXECUTION:
1. The act of signing a legal document.
2. A writ filed with a Sheriff of a jurisdiction evidencing a legal claim
against the person named in the Writ. May attach to real property owned by the
person named in the writ.
EXECUTOR:
A person named in a will to carry out its provisions as to the
disposition of the estate of a person deceased.
EXECUTORY CONTRACT:
A contract where something remains to be done by one or both parties.
EXPENSE RATIO:
A comparison of the costs of owning and operating something to its
potential gross income.
EXPOSURE (MARKET):
A term used to describe the presence, through advertising, of a property
that is for sale in the marketplace.
EXPRESSED:
Stated in words.
EXTENDED COVERAGE:
A broad form title insurance policy which protects the owner against
additional risks.
EXTENSION:
The postponement of the completion date of an Agreement, agreed to by the
parties to the Agreement.
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