Real Estate Glossary (ea-er)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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.

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