Early occupancy The condition in which
buyers can occupy the property before the sale is
completed.
Earnest money Money a buyer gives with an
offer to purchase a property. Also called a deposit.
Earthquake insurance A policy that provides
coverage against damage to a home from an earthquake.
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.
Eaves The projecting overhang at the lower
edge of a roof.
Effective age The age of a structure
estimated by its condition rather than its actual age.
Effective gross income Additional income
that a lender considers when assessing the loan
application of a potential borrower.
Electric service panel A panel that
transfers power from the utility line into a house to be
distributed through fuses or circuit breakers.
Elevations The exterior view of a home
design that shows the position of the house relative to
the grade of the land.
Ell An extension or wing of a house that is
at right angles to the main structure.
Eminent domain The government's right to
condemn private land for public use, such as the routing
of a public highway.
Employer-assisted housing Programs which
help employees purchase homes through special plans
developed with lenders.
Empty nesters Potential buyers who have
raised their families and want to move into a smaller
home.
Encroachment Fences or other structures
that extend into the property of another owner.
Encumbrance A claim or lien on a property
which complicates the title process.
End loan The conversion from a construction
loan to permanent financing a condominium buyer secures
after all units in a project have been completed.
Endorser A person who signs over ownership
of property to another party.
English Tudor style An architectural design
that features stone or brick exterior walls and exposed
beams.
Environmental impact statement A
government-mandated evaluation of all aspects and
effects a development will have on the environment of a
proposed site.
Environmentally friendly home construction A
method of construction that utilizes recycled materials.
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.
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.
Equity A determination of the value of a
property after existing liens are deducted.
Errors and omissions insurance A policy
that pays for any mistakes a builder or architect makes
in a project.
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.
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.
Escrow agent A neutral third party who
ensures that all conditions of a real estate transaction
are met.
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.
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.
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.
Escrow payment Funds that a mortgage
servicer withdraws from a borrower's escrow account to
pay property taxes and insurance.
Estate The total assets of a person,
including real property, at the time of death.
Eviction A legal procedure to remove a
tenant for reasons including failure to pay rent.
Examination of title An inspection by a
title company of public records and other documents to
determine the chain of ownership of a property.
Excavation The process of clearing trees,
removing topsoil and grading land before the foundation
is laid.
Exclusive listing A contract that gives an
agent the exclusive right to market a property for a
specific period of time.
Executor A person appointed to carry out
the instructions in a will. If there is no will, a
probate court will appoint an executor.
Exhaust fan Ventilating devices that remove
water vapor, undesired smells or smoke.
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.
