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E - Glossary - Don Wixom, Nampa, Caldwell, Boise, Eagle, Meridian

Real Estate Terms

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EThere are 54 entries in the glossary.Pages: 1 Earnest moneyA deposit made by the potential home buyer to show that he or she is serious about buying the house. Earnest money (Good Faith Deposit)The deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earne st money is applied against the down payment. If the sale does not go through, the earnest money may be forfeited or lost unless the offer to purchase expressly provides that it is refundable. Most purchase contracts require that certain contingencies (such as the availability of financing and acceptance of property condition) be removed prior to the deposit being forfeited Earnest Money DepositA deposit made by the potential home buyer to show that he or she is serious about buying the house. The earnest money deposit is a "good-faith" payment you submit with your offer on a home to show the seller you are serious about proceeding. The earnest money is deposited in an escrow account and will be applied to your closing costs. Sometimes, your lender will want you to bring a receipt for the earnest money deposit along with your sales contract to the initial loan application meeting. EasementA right of way giving persons other than the owner access to or over a property. Easement appurtenantAn easement that burdens one parcel of land (the servient estate) for the benefit of another parcel ( the dominant estate). Easement by necessityAn easement that is created by operation of law when a grantor conveys a portion of a larger parcel of land and in doing so landlocks either the portion that is transferred or the part that is retained. Easement rightsA right-of-way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-way across private property is a common example. Economic Development Administration (EDAOrganization within the U.S. Department of Commerce responsible for a number of grant and loan programs designed to help alleviate conditions in economically depressed areas of the country. Economic lifeLength of time that improvements (buildings) will produce a competitive return or will be properly habitable. Land usually has an infinite economic life. Economic obsolenceoss in property value caused by conditions external to the property. Economic rentThe rent that a property could generate if it were available today; market rent. Effective AgeAn appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. Effective Gross IncomeNormal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable. EgressA means of exit from a parcel of land. Emergency Shelter Grant (ESG)A Federal grant program designed to help improve the quality of existing emergency shelters for the homeless, to make available additional shelters, to meet the costs of operating shelters, to provide essential social services to homeless individuals, and to help prevent homelessness. HUDWEB, Continuum of Care and Veterans Programs Glossary Eminent DomainThe right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings. Employer-Assisted HousingA special Fannie Mae housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes. Empowerment Zones and Enterprise CommuniDesignated low-income areas targeted to receive tax incentives, performance grants, and loans in order to create jobs, expand business opportunities, and support people looking for work. Initially authorized by Title XIII of the Omnibus Budget Reconciliation Act of 1993 (the Statute), additional EZ/ECs were authorized by the Taxpayer Relief Act of 1997. HUD web site at www.hud.gov:80/progdesc/ezec.html EncroachmentAn improvement that intrudes illegally on another's property. EncumbranceAnything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions. EndorserA person who signs ownership interest over to another party. Contrast with co-maker. Environmental Assessment (EA)A preliminary, written, environmental analysis required by EPA to determine whether a federal activity such as building airports or highways would significantly affect the environment; an EA may require preparation of more detailed Environmental Impact Statement. EPA Web site for Environmental/Biological-Related Technical Terms, www.epa.gov/grtlakes/seahome/grants/src/glosbis.htm Environmental Impact Statement (EIS)A document prepared by or for EPA which identifies and analyzes, in detail, environmental impacts of a proposed action. As a tool for decision-making, the EIS describes positive and negative effects and lists alternatives for an undertaking, such as development of a wilderness area. EPA Web site for Environmental/Biological-Related Technical Terms, www.epa.gov/grtlakes/seahome/grants/src/glosbis.htm EOYEnd of Year. Equal Credit Opportunity ActA federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. Equal Employment Opportunity (EEO)Term which refers to a variety of activities to ensure non-discrimination in hiring, promoting, and managing employees. Equal Housing Opportunity Plan (EHOP)Plan developed by Public Housing Agencies for use in Section 8 and Moderate Rehabilitation programs. EquityA homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage. A lender determines how much equity you have in your home by taking the appraised value of the home and subtracting any mortgage debt. For example, if your house is valued at $150,000 and your mortgage balance is $80,000, you have $70,000 equity in the house. Equity financingUse of buyer's or owner's funds to finance property. Equity loanA loan based on the borrower's equity in his or her home. Equity participation mortgageA mortgage whereby the lender obtains an equity in the pledged property in addition to the interest. ErosionThe loss of land by wearing action of water or wind. Errors in Credit ReportYour credit report may contain inaccuracies. The best way to ensure there are no errors in your credit report is to request copies and review the information. Since each of the main credit bureaus keeps its own records, you may want to request copies from all three: Trans Union, Equifax, and Experian. If you have been turned down for credit because of the information in your credit report, you are entitled to receive a free copy of your report within 60 days of the denial. If you haven't been denied credit, you can still request a copy of your credit report, usually for a nominal fee. If you find errors in your report, follow the directions in the credit report and contact the agencies to have the errors corrected. They will investigate the targeted items and remove incorrect information. You don't have to delay applying for a mortgage while errors in your report are being corrected. Explain the discrepancies in the report to your lender and state that the credit agency is correcting them. Escalator clauseA contract clause that provides for an upward or downward adjustment in interest, rent, or other factors to cover specified contingencies. EscrowAn item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate. Escrow AccountThe account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses. An escrow account is money that is deposited with a third party -- outside the buyer and the seller -- to be used to pay various fees. A borrower typically provides funds that will pay taxes, mortgage insurance, lease payments, hazard insurance premiums, and other payments when they are due.An escrow payment by the holder of a mortgage is also known as "impounds" or "reserves" in some states. When escrow funds are used to pay taxes, hazard insurance, and other fees, it is called an escrow disbursement. Periodically, an escrow analysis will be performed to determine if current monthly deposits provide sufficient funds to pay bills when they are due. Escrow agent (escrowee)A person or corporation employed by parties to a real estate transaction to receive documents and money and deliver them in accordance with their instructions. Escrow agreement (escrow instructions)A contract between the parties to a real estate transaction to effect a settlement of the transaction in escrow. Escrow AnalysisThe periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due. Escrow CollectionsFunds collected by the servicer and set aside in an escrow account to pay the borrower's property taxes, mortgage insurance, and hazard insurance. Escrow DisbursementsThe use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due. Escrow PaymentThe portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in some states. Establishing a Credit RecordIt is possible to establish a credit history even if you do not have a traditional credit record that shows credit card payments or payments on a student or car loan. You can build a nontraditional credit history, for example, by documenting your monthly payments to previous and current landlords; to utility companies for your gas, water and telephone services; and to insurance companies for medical, life, and automobile coverage. Your lender can provide further details on how you can effectively establish a credit record. EstateThe ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death. Estate saleA sale held to sell the property of someone who has died. Sometimes houses are sold at estate sales. Estopped certificateDocument in which the borrower verifies the remaining balance and interest rate of a loan. EstoppelA doctrine of law that prevents a person from asserting rights inconsistent with his prior words or conduct. EvictionThe lawful expulsion of an occupant from real property. Examination of TitleThe report on the title of a property from the public records or an abstract of the title. ExchangeWhen ownership of like-kind properties are transferred between two or more owners; can result in postponement of part or all of the tax for one or more of the parties to the exchange. Exclusive agency listingA listing agreement between a seller and a broker in which either has a right to sell the property; if sold by the broker a commission will be due Exclusive ListingA written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner's right to sell the property alone without the payment of a commission. Exclusive right to sellA listing agreement between a seller and a broker whereby the broker receives a commission, regardless of who sells the property. ExecutorA person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form. 

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