EARNEST MONEY DEPOSIT:
A deposit made by the buyer as evidence of good faith in offering to purchase real estate and to secure performance of the contract. Earnest money is typically held by a title company, in an escrow account during the period between acceptance of the contract and the closing.  Deposit accompanying an offer.

EASEMENT:
A right to use another person's real estate for a specific purpose. The most common type of easement is the right to travel over another person's land, knows as a right of way. In addition, property owners commonly grant easements for the placement of utility poles, utility trenches, water lines or sewer lines. The owner of property that is subject to easement is said to be "burdened" with the easement because he or she is not allowed to interfere with its use.  Created by grant or agreement for a specific purpose, an easement is the right, privilege or interest which one party has in the land of another.

EASEMENT BY NECESSITY:
A land owner's right to make use of the property of another (or a portion of it) for a specific purpose, when such use is required to allow the land owner to enjoy his own land.

EASEMENT BY PRESCRIPTION:
The continuing, unchallenged use of all or part of a property by the owner of a neighboring or nearby property for a specific period of time (20 years in many jurisdictions) such that, by law, the using owner gains a legal right to continue that use.

EASTLAKE HOUSE:
A house which is remarkable for its three-dimensional ornamentation following a nineteenth-century style.

ECONOMIC BASE:
The commercial or industrial foundation of a community which provides opportunities for employment.

ECONOMIC DEPRECIATION:
The decline in value of a property which is caused by reasons outside of the property itself.

ECONOMIC LIFE:
The period over which a property will yield a return on the investment, over and above the economic or ground rent due to land.

ECONOMIC OBSOLESCENCE:
A loss in value due to factors outside the subject property but adversely affecting the value of the subject property.

ECONOMIC RENT:
The reasonable rental expectancy if the property were available for renting at the time of its valuation.  Earnings attributable to the ground itself.

EFFECTIVE AGE OF IMPROVEMENT:
The number of years of age that is indicated by the condition of the structure.

EFFECTIVE GROSS INCOME:
The maximum rent from income property minus the vacancies.

EFFICIENCY RATIO:
A comparison of the space in a building available for lease to the total space of the building.

EFFICIENCY UNIT OR APARTMENT:
A term for a small dwelling unit in which kitchen and sometimes bath areas are combined with the living area. Also known as "bachelor apartment" or "studio apartment".

EGRESS:
Means of leaving property.

EJECTMENT:
Legal proceeding to evict a tenant without a lease.

ELIZABETHAN OR HALF TIMBER STYLE:
A two-storey or two-and-a-half storey, English-style house which has the upper storey overhanging the first, often with stone and stucco walls and half-timber beams.

EMBLEMENTS:
Growing annual crops.  The right of a tenant farmer to harvest his crop after his lease expires.

EMINENT DOMAIN:
The right of the government to take private property for public use, through court action known as condemnation. The Fifth Amendment to the United States Constitution provides that the government may take private property only if the owner is given "just compensation" (usually fair market value) for his or her loss.  The right of the government to acquire property for necessary public or quasi-public use by condemnation; the owner must be fairly compensated.

EMPTY NESTERS:
Middle-aged or older couples whose children have grown up and "left the nest" to live on their own. Often looking to sell a larger house and buy a smaller one.

ENCROACHMENT:
The intrusion of a structure which extends, without permission, over a property line, easement boundary or building setback line.  Trespass; the building of a structure or construction of any improvements partly or wholly on the property of another.

ENCUMBRANCE:
A cloud against clear free title to the property which does not prevent conveyance such as unpaid taxes, easements, deed restrictions, mortgage loans etc.  Anything which affects or limits the fee simple title to property, such as mortgages, easements or restrictions of any kind.  Liens are special encumbrances which make the property security for the payment of a debt or obligation, such as mortgages and taxes.

ENDORSER:
The person who signs a document to represent the transfer of property to another.

ENDORSEMENT:
The signature of the payee on the back of a negotiable instrument.

ENERGY EFFICIENT:
A description of a property which has special features aimed at reducing use of electrical or heating power (i.e. insulation, double-insulated windows, high-efficiency furnace, etc.).

ENERGY TAX CREDITS:
A tax break given to property owners who took steps to save energy in their property such as installing insulation.

ENTITLEMENT:
1. The legal right to a benefit or program.
2. Name for the VA home loan benefit.

ENVIRONMENTAL IMPACT STATEMENT (EIS):
A report on the anticipated effect of a development on the local environment. May be required for federal funding for the development.

ENVIRONMENTAL PROTECTION AGENCY (EPA):
U.S. government agency for the protection of the environment.

EQUAL CREDIT OPPORTUNITY ACT:
U.S. federal law aimed at affording people of all races, genders, religions, ages etc. an equal chance to borrow money.

EQUALIZATION BOARD:
Agency with a mandate to ensure fairness in property tax assessments.

EQUITABLE CONVERSION:
A common law doctrine which treats a Vendor under an Agreement for the sale of property as holding the property in trust for the Purchaser even before the transaction has been completed such that the Vendor is liable to the Purchaser for any damage negligently caused to the property.

EQUITABLE TITLE:
The title held by a vendee under a land contract.

EQUITY:
The interest or value which an owner has in real estate over and above the liens against it; branch of remedial justice by and through which relief is afforded to suitors in courts of equity.

EQUITY BUILDUP:
The increase over time of the owner's interest in a property, the difference between the value of the property and the amount owed on the mortgage.

EQUITY LOAN:
A loan to a home owner secured against the equity the owner enjoys in the property.

EQUITY OF REDEMPTION:
The right to redeem property during the foreclosure period.

EROSION:
The wearing away of land by the action of water, wind or glacial ice.

ERRORS AND OMISSIONS INSURANCE:
Professional protection from liability for mistakes, negligence, etc.

ESCALATION:
The right reserved by the lender to increase the amount of the payments and/or interest upon the happening of a certain event.

ESCALATOR CLAUSE:
A clause in a lease which provides for the rent to be increased to reflect changes in expenses paid by the landlord such as real estate taxes, operating costs, etc.  A clause in a contract providing for the upward or downward adjustment of certain items to cover specified contingencies.

ESCAPE CLAUSE:
Any provision in a contract that allows one or more parties to end the contract upon the occurrence of certain events.

ESCHEAT:
The reverting of property to the state when heirs capable of inheriting are lacking.

ESCROW:
A trust arrangement by which one or more parties deposit things of value with an authorized escrow agent in accordance with the terms of a real estate agreement.  A state wherein consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party's legal entitlement to them, on the basis that the legal entitlement will arise at a given point in the future. A form of trust.

ESCROW:
The deposit of instruments and funds with instructions to a third neutral party to carry out the provisions of an agreement or contract; when everything is deposited to enable carrying out the instructions, it is called a complete or perfect escrow.

ESCROW ACCOUNT:
A third party account which holds money safely while a sale is in progress; an account used to save monies required for payment of an eventual debt; a form of trust account in which advance payments are held on behalf of the payor until the contract allows their use by the payee or a third party.

ESCROW AGENT:
Any independent third party who receives items to be held in escrow, holds such items until transfer is allowed, and then delivers them.

ESCROW CLOSING:
The completion of a transaction whereby documents, consideration etc. are held in trust (either by the parties and their representatives or by an independent third party) pending the completion of certain conditions, at which time the items held in escrow are released and the transaction is completed.

ESCROW COLLECTIONS:
Moneys taken in by the agent and set aside for future payments as required by the contract (i.e., in a mortgage situation, for taxes, insurance, etc. on the property). Also known as "escrow deposits", "impounds" or "reserves".

ESCROW DEPOSIT:
Similar to "escrow collections", the deposit of funds for the purpose of future payments required under the contract.

ESCROW DISBURSEMENTS:
The payment out of escrow funds of taxes, insurance, etc. as required by the contract. Also known as "escrow payments".

ESCROW REIMBURSEMENT:
The return to the borrower of left over funds held in escrow once the debt has been paid out.

ESTATE:
As applied to the real estate practice, the term signifies the quantity of interest, share, right and equity, of which riches or fortune may consist in real property.   The degree, quantity, nature and extent of interest which a person has in real property.

ESTATE AT SUFFERANCE:
Estate of a tenant after his right to possess the property has ended.

ESTATE AT WILL:
The occupation of a premises by a tenant for an undefined period, which either party may terminate at will.

ESTATE FOR LIFE:
A freehold estate, not of inheritance, but which is held by the tenant for his own life or the life or lives of one or more other persons.

ESTATE FOR YEARS:
An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time.  A lease may be said to be an estate for years.

ESTATE IN FEE:
A fee estate.  The greatest degree of ownership of real property.

ESTATE IN REVERSION:
The right of an owner to re-occupy land once the estate he has granted to another person (such as an estate for years or an estate for life) has come to an end.

ESTATE OF INHERITANCE:
An estate which may descend to heirs.

ESTATE OF WILL:
The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.

ESTATE TAX:
A government levy against the property in the estate of a deceased person, payable out of the estate.

ESTIMATE:
To form a preliminary opinion of value.

ESTIMATED REMAINING LIFE:
The period of time (years) it takes for the improvements to become valueless.

ESTOPPEL:
A doctrine which bars one from asserting rights which are inconsistent with a previous position or representation.

ESTOPPEL CERTIFICATE:
A signed statement certifying that certain statements of fact are correct as of the date of the statement and can be relied upon by a third party, including a prospective lender or purchaser.  A document issued by an interested party setting out certain facts to which the issuer agrees to be bound. May be issued by a Condominium Corporation (setting out the common element fees for a particular unit, the amount in the corporation's reserve account, any special assessments against unit owners, etc.), by a mortgagor or mortgagee (setting out the terms, conditions, interest rate and principal outstanding) or by a tenant in a building to be purchased (setting out amount of rent, the amount of any rental deposit, etc.).

ET AL:
Latin, means "and others".

ET CON:
Latin meaning "and husband".

ET UX:
Latin meaning "and wife".

ETHICS:
That branch of moral science, idealism, justness and fairness which treats of the duties which a member of a profession or craft owes to the public, to his clients or patrons, and to his professional brethren or members.

EVALUATION:
An analysis of a property regarding its potential uses rather than its current value.

EVICTION:
Putting out a tenant when his right to possess the property has ended.

EVIDENCE OF TITLE:
Instruments or documents that provide any proof or information regarding ownership of land.

EXAMINATION OF TITLE:
Similar to a subsearch: a review of the current title to a property for the purposes of establishing current apparent owners and encumbrances.

EXCEPTION:
Withholding part of a property when it is conveyed.

EXCLUSIVE AGENCY LISTING:
A written instrument giving one agent the right to sell property for a specified time but reserving the right of the owner to sell the property himself without the payment of a commission.

EXCLUSIVE RIGHT TO SELL LISTING:
A written agreement between owner and agent giving agent the right to collect a commission if the property is sold by anyone during the term of his agreement.

EXCULPATORY CLAUSE:
A clause which releases the landlord from liability due to injuries.

EXECUTE:
To complete, to make, to perform, to do, to follow out; to sign a deed, to make a deed, including especially signing, sealing and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.

EXECUTED CONTRACT:
A contract where both parties have completely performed.

EXECUTION:
1. The act of signing a legal document.
2. A writ filed with a Sheriff of a jurisdiction evidencing a legal claim against the person named in the Writ. May attach to real property owned by the person named in the writ.

EXECUTOR:
A person named in a will to carry out its provisions as to the disposition of the estate of a person deceased.

EXECUTORY CONTRACT:
A contract where something remains to be done by one or both parties.

EXPENSE RATIO:
A comparison of the costs of owning and operating something to its potential gross income.

EXPOSURE (MARKET):
A term used to describe the presence, through advertising, of a property that is for sale in the marketplace.

EXPRESSED:
Stated in words.

EXTENDED COVERAGE:
A broad form title insurance policy which protects the owner against additional risks.

EXTENSION:
The postponement of the completion date of an Agreement, agreed to by the parties to the Agreement. 




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