Earnest money Money
a buyer gives with an offer to purchase a property.
Also called a deposit.
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
Eminent domain The
government's right to condemn private land for public
use, such as the routing of a public highway.
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.
or other structures that extend into the property of
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
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
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
Errors and omissions insurance
A policy that pays for any mistakes a builder or architect
makes in a project.
Escrow A neutral third
party holds the documents and money involved in a real
estate transaction and ensures that all conditions of
a sale are met.. Escrow also refers to a special account
that a lender establishes to hold monthly installments
from the borrower to cover property taxes and insurance.
Escrow account 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
Escrow agent A neutral
third party who ensures that all conditions of a real
estate transaction are met.
Escrow analysis 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.
Escrow closing Escrow
closes when all conditions of a real estate transaction
are met and the title of the property is transferred
to the buyer.
Escrow company Firms
that act as neutral third parties to ensure that all
conditions that the buyer, seller and lender establish
in a real estate transaction are met.
Escrow payment Funds
that a mortgage servicer withdraws from a borrower's
escrow account to pay property taxes and insurance.
Estate The total assets
of a person, including real property, at the time of
Eviction A legal procedure
to remove a tenant for reasons including failure to
Examination of title
An inspection by a title company of public records and
other documents to determine the chain of ownership
of a property.
Excavation The process
of clearing trees, removing topsoil and grading land
before the foundation is laid.
Exclusive listing A
contract that gives an agent the exclusive right to
market a property for a specific period of time.
Executor A person appointed
to carry out the instructions in a will. If there is
no will, a probate court will appoint an executor.
Exhaust fan Ventilating
devices that remove water vapor, undesired smells or
formerly known as TRW Information Systems & Services,
is one of the "Big Three" credit-reporting
bureaus.. Address: 505 City Parkway West, Orange, CA