Glossary |
Terms that are on use on this site.
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| There are 39 entries in the glossary. |
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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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| 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 governments 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 constructi | 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 applicants 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. |
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| Equity | A determination of the value of a property after existing liens are deducted. |
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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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| 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 lenders periodic examination of an escrow account to determine if the lender is withholding enough funds from a borrowers 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 borrowers 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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| 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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| 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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| 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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| 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. |
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