Real Estate Terms Starting with

The condition in which buyers can occupy the property before the sale is completed. … [Read more...] about Early Occupancy

Money a buyer gives with an offer to purchase a property. Also called a deposit. … [Read more...] about Earnest Money

Earthquake insurance is a specialized type of property insurance that covers damages to a home, personal belongings, and other structures resulting from an earthquake. This coverage is typically not included in standard homeowners' or renters' insurance policies and is often purchased as a separate policy or as an endorsement to an existing policy. Earthquake insurance may have … [Read more...] about Earthquake Insurance

A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains. … [Read more...] about Easement

The projecting overhang at the lower edge of a roof. … [Read more...] about Eaves

The age of a structure estimated by its condition rather than its actual age. … [Read more...] about Effective Age

Additional income that a lender considers when assessing the loan application of a potential borrower. … [Read more...] about Effective Gross Income

White, powdery substance on concrete, stucco, or other masonry caused by water-soluble salts leaching to the surface. … [Read more...] about Efflorescence

A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers. … [Read more...] about Electric Service Panel

The process of having a mortgage payment automatically deducted from a borrower's checking or savings account. Many lenders offer this service. … [Read more...] about Electronic Transfer

The exterior view of a home design that shows the position of the house relative to the grade of the land. … [Read more...] about Elevations

An extension or wing of a house that is at right angles to the main structure. … [Read more...] about Ell

The government's right to condemn private land for public use, such as the routing of a public highway. … [Read more...] about Eminent Domain

Programs which help employees purchase homes through special plans developed with lenders. … [Read more...] about Employer-assisted Housing

Potential buyers who have raised their families and want to move into a smaller home. … [Read more...] about Empty Nesters

Fences or other structures that extend into the property of another owner. … [Read more...] about Encroachment

A claim or lien on a property which complicates the title process. Any right or interest in property interfering with its use or transfer. … [Read more...] about Encumbrance

The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed. … [Read more...] about End Loan

A person who signs over ownership of property to another party. … [Read more...] about Endorser

A 100 foot chain containing 100 links of one foot apiece. … [Read more...] about Engineer’s Chain

An architectural design that features stone or brick exterior walls and exposed beams. … [Read more...] about English Tudor Style

A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site. … [Read more...] about Environmental Impact Statement

A method of construction that utilizes recycled materials. … [Read more...] about Environmentally Friendly Home Constructi

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, or because the applicant receives public assistance.Promoting Fair Credit Access: The Equal Credit Opportunity ActThe Equal Credit Opportunity Act (ECOA) is a federal law that aims to promote fair … [Read more...] about Equal Credit Opportunity Act (ECOA)

A mass appraisal or reappraisal of all property within a jurisdiction for the purpose of equalizing values to assure that each taxpayer is bearing a fair share of the tax load. … [Read more...] about Equalization

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. URL: http://www.equifax.com/home/en_us. Phone: (800) 685-1111. … [Read more...] about Equifax

Equity refers to the difference between the current market value of a property and the outstanding mortgage balance or other debts secured against it. In simpler terms, it is the portion of a property's value that the owner truly owns, free of any liens or encumbrances.SynonymsHome equity, owner's equity, net valueUsage ExampleOver time, as a homeowner makes … [Read more...] about Equity

Errors and Omissions Insurance is a type of professional liability insurance that protects businesses and their employees against claims of inadequate work or negligent actions.Related Real Estate Terminology: … [Read more...] about Errors And Omissions Insurance

A situation in which the ownership of property reverts to the state when the owner dies without leaving a will. … [Read more...] about Escheat

A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance. … [Read more...] about Escrow

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. … [Read more...] about Escrow Account

A neutral third party who ensures that all conditions of a real estate transaction are met. … [Read more...] about Escrow Agent

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. … [Read more...] about Escrow Analysis

Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer. … [Read more...] about Escrow Closing

A firm that acts as a neutral third party to ensure that all conditions established by the buyer, seller, and lender in a real estate transaction are met. … [Read more...] about Escrow Company

Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance. … [Read more...] about Escrow Payment

The total assets of a person, including real property, at the time of death. … [Read more...] about Estate

An estimate of expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs are in addition to the price of the property, and are prepaid at closing. Some are one-time expenses and some are recurring. … [Read more...] about Estimated Closing Costs

An estimate of hazard insurance, also known as homeowner's insurance or fire insurance, to cover physical risks such as fire and wind damage. Lenders usually require coverage at least equal to the replacement value of the home. … [Read more...] about Estimated Hazard Insurance

An estimate of property taxes to be paid semiannually, or monthly if the lender requires. The amount is based on local tax rates and assessed property value, which is based on the most recent sale price plus assessment updates (subject to local policies). … [Read more...] about Estimated Property Taxes

A calculation of monthly estimated taxes and insurance, used by a lender to evaluate a borrower's effective monthly housing expense. … [Read more...] about Estimated Taxes And Insurance

Agency situation in which one party incorrectly states that another person is the agent, and a third person relies on that representation. … [Read more...] about Estoppel

A cabinetry term referring to a style of cabinet without a face frame. Also known as box cabinets. … [Read more...] about European Style

A system of coils in a refrigeration (or air conditioning) system that, when filled with cold refrigerant, cools the air around it. On a refrigerator, the evaporator is the coil inside the unit; an air conditioner's evaporator is inside the plenum on the furnace or air-handler. … [Read more...] about Evaporator

A legal procedure to remove a tenant for reasons including failure to pay rent. … [Read more...] about Eviction

An inspection by a title company of public records and other documents to determine the chain of ownership of a property. … [Read more...] about Examination Of Title

The process of clearing trees, removing topsoil and grading land before a foundation is laid. … [Read more...] about Excavation

A term used to describe damages to a building that are not the result of normal wear and tear. … [Read more...] about Exceptional Depreciation

An agreement to employ a particular broker. If another broker makes the sale, both are entitled to commissions. … [Read more...] about Exclusive Agency

An agent, company, or franchise working exclusively for buyers as a fiduciary agent. EBAs do not represent sellers or list properties. … [Read more...] about Exclusive Buyer’s Agent (EBA)