earnest money deposit
A deposit made by the potential home buyer to show that he or she is serious about
buying the house. |
easement
A right of way giving persons other than the owner access to or over a property. |
effective age
An 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 income
Normal 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. |
eminent domain
The 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 housing
A 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. |
encroachment
An improvement that intrudes illegally on another’s property. |
encumbrance
Anything that affects or limits the fee simple title to a property, such as mortgages,
leases, easements, or restrictions. |
endorser
A person who signs ownership interest over to another party. Contrast with co-maker.
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Equal Credit Opportunity
Act (ECOA)
A federal law that requires lenders and other creditors to make credit equally
available without discrimination based on race, colour, religion, national origin,
age, sex, marital status, or receipt of income from public assistance programs.
|
equity
A 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.
|
estate
The 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.
|
escheat (power of)
The right of the Crown to have ownership of property returned to it if the taxes
are no paid, or if the owner dies intestate (without a will or heirs). |
eviction
The lawful expulsion of an occupant from real property. |
examination of title
The report on the title of a property from the public records or an abstract of
the title. |
exclusive listing
A 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. |
executor
A 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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