earnest money deposit
A deposit made by a potential buyer to demonstrate how serious they are about purchasing the property. |
easement
A right of way that gives persons other than the owner access to or over a property. For example: An easement may be granted if you cannot reach your property without crossing through the property of a neighbor. |
effective age
Buildings age at different rates depending on many variable conditions. The effective age is specific to the condition of the building, not its calendar age. |
eminent domain
The right of a government to acquire private property for public use. The government must compensate the private owner for the fair market value of the property. |
encroachment
A development that intrudes into another property, effectively lowering the value of that property. |
encumbrance
Anything that limits or affects the fee simple title to a property, such as an easement or a mortgage. |
equity
An owner’s financial interest in a property, which is the difference between the market value of the property and the debts on the property or other liens against it. |
escrow
Money or an item of value that is given to a third party to be delivered when a condition is fulfilled. For example, it is common for a deposit to be put into escrow until the transaction is complete at which time it is given to the seller. |
eviction
Lawful expulsion of an occupant from real property. |
executor
The administrator of an estate as named in a will. Female term is "executrix". |
