|
HUD
Home Buying Glossary - E
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
Earnest
Money
- See Deposit.
Easement
- A right to the enjoyment or access of land held by another.
An easement is a non-ownership interest in land.
Easement
by Estoppel - An easement created when one person's words
or actions lead another to believe in the existence of an
easement, causing the second person to act to his or her own
detriment.
Easement
by Necessity - An easement sometimes granted when there is
no other possible access to a property.
Easement
by Prescription - An easement created by open, notorious
and hostile use of property for a prescribed period of
time.
Easement
in Gross - A personal easement to use land of another
where there is no dominant tenement being benefited.
ECOA
- See Equal Credit Opportunity Act.
Economic
Life - The period of time during which a structure may
reasonably be expected to perform the function for which it
was designed or intended.
Economic
Obsolescence
- See
External Obsolescence.
Economic
Rent - The estimated income that a property should
generate in the current rental market. This is generally
based upon the rent generated from comparable properties.
Economics
of Scale - Savings possible by increasing production.
Effective
Age - The age of a building based on the actual wear and
tear and maintenance (or lack of it) that the building has
received. This may be more or less than the building's
actual age.
Effective
Gross Income (Commercial Property) - Income from all
sources, less anticipated vacancy and collection losses.
Effective
Gross Income (Personal)
- Normal annual
income of an individual, including regular or guaranteed
overtime. It may be from more than one source. Salary/wages are
generally the principal source, but other regular,
ordinary income may qualify.
Egress
- The right to leave a property to reach a public way, generally used in reference to a
property owner's access right.
EIR
- See Environmental Impact Report.
Ejectment
- An action to oust an encroacher or a trespasser.
Elevations
- 1) Views of a structure from various directions on a
builder's plans. 2) Height above sea level.
Emblements
- Cultivated annual crops. Considered to be personal
property.
Eminent
Domain
- A government action that takes private land
through a court action called condemnation. The court
determines whether the use is a public one and what the
compensation paid to the owner should be.
Enabling
Act - A legislative act that confers power on local
governments that they would not have had otherwise.
Zoning and planning powers were given under enabling acts.
Encroachment
- An improvement that intrudes or invades illegally upon
another’s property.
Encumber
- The placing of a legal claim on a property.
Encumbrance
- A right, lien or claim attached
to real property that passes with title. For example, easements, judgment liens, and mortgages that
may reduce the property’s market value.
Endorsement
- 1) The signature on the back of a check, note or other
negotiable instrument. 2) An addition made to a
document, such as a title policy, in order to alter or
clarify it.
Entitlement
- The portion of a VA loan that the VA guarantees (generally
25% of the loan).
Environmental
Impact Report - A report required for projects that may
have a significant effect on the environment.
Environmental
Obsolescence - See External Obsolescence.
Environmental
Protection Agency - Agency that enforces federal
environmental standards.
Enfeoff
- The conveyance of fee title to land; sometimes used on deeds
as the "granting" verbiage.
EPA
- See Environmental Protection Agency.
Equal
Credit Opportunity Act
- Federal legislation that prohibits a creditor from
discriminating in mortgage lending on the basis of race,
color, religion, national origin, sex, marital status, age,
income derived from public assistance programs, or previous
exercise of Consumer Credit Protection Act rights.
Equal
Dignities Rule - If an act must bein writing, then the
agency agreement appointing someone to perform the act must
also be in writing.
Equalization
- The raising or lowering of assessed values for real property
tax purposes in a particular county or taxing district to make
them equal to assessments in other counties or districts.
Equitable
Owner - One who has pledged his/her property as security
for a debt while still maintaining the right to use and enjoy
the property.
Equitable
Right of Redemption
- During a
foreclosure proceeding, a defaulted borrower’s right to
redeem his property, by full payment of the mortgage debt, up
to the date of the mortgage foreclosure sale.
Equity
- The owner’s interest, or the amount of cash the owner has,
realized, paid in or invested in real estate.
Equity
Capital - Money raised by a business through selling
shares in the business.
Equity
Erosion
- A loss of equity due to negative amortization, a decline in
property value, or a combination of both.
Equity
Mortgage
- A debt secured by a lien against real estate that usually is
subordinate to a previous mortgage and is based or given on
the amount of equity one has in real estate after deducting
the previous mortgage.
Equity
of Redemption - See Equitable Right of Redemption.
Equity
Refinance
- The borrower obtains a new loan, taking cash out of the
equity which has built up in the original loan, resulting in a
larger loan balance than the original loan.
Also called cash take-out refinance.
Equity
Sharing - A type of purchase wherein two or more parties
share in the equity and appreciation of the property.
Escalator
Clause - A provision in a contract or lease that provides
for an upward or downward adjustment of price, costs, rents,
expenses, etc. based on factors beyond the control of all
parties involved.
Escape
Clause - Lets a party out of contract responsibilities in
the event of stated situations.
Escheat
- The process by which the property of a descendent dying
without a will and without heirs reverts to the state.
Escrow
- Money or documents held by a third party until specific
conditions of an agreement or contract are fulfilled.
Escrow
Account
- An account held by the lending institution to which the
borrower pays monthly installments for property taxes,
insurance and special assessments, and from which the lender
disburses these sums as they become due.
Escrow
Agreement
- An agreement to allocate funds to be set aside in a special
account to guarantee payments that occur after settlement.
Escrow
Holdback - An amount of money held back at closing by the
lender or the escrow agent until a particular condition has
been met.
Escrow
Payment
- The portion of a borrower’s monthly payment that is set
aside by the lender in an escrow account to pay the taxes,
hazard insurance, mortgage insurance, ground rents and other
special items as they come due.
Estate
- The ownership interest of an individual in real property or
the sum total of all the real and personal property owned by
an individual at time of death.
Estate
at Will - The right of possession by a tenant or a
landlord that can be terminated upon notice by either party.
Estate
for Life - An estate that is measured by a person's
lifetime with no defined duration except the person's
lifetime.
Estate
for Years - An estate that is created and measured for a
specific duration of time.
Estate
in Remainder - An estate based on a preceding life estate.
Estate
of Inheritance - An estate that can be inherited. See Fee Simple.
Estate
on a Condition Subsequent - An estate given based on a
specific condition. Upon breach of the condition, the
grantor can declare a reach and regain the property.
Estoppel
- A doctrine whereby a party is barred from raising a defense
when that person's acts or words induced another party to act
to his or her detriment.
et
al. - "And others"
et
ux. - "And wife"
Eviction
- A court action to remove a person from possession of real
property. Most
commonly, the removal of a tenant.
Examination
of Title - The process of determining the vesting,
encumbrances, and liens upon a title.
Exception
in a Deed - An exclusion in the deed. Deeding only
part of the property.
Excess
Land - Land that does not contribute economically to use
and/or value.
Excess
Rent - The difference between the market rent and the
contract rent, when the market rent is lower.
Exchange
Agreement - A contract for the exchanging of title and
equity positions.
Exchange
Value - The value a property has as to other goods.
Exclusionary
Clause - See Exception in a Deed.
Exclusionary
Zoning - Zoning that excludes a stated use.
Exclusive
Agency - An agreement between a property owner and a real
estate agent that gives the agent the right to sell the
property within a specified period of time while allowing the
owner the right to sell the home without paying a commission.
Exclusive
Agent - A real estate sales person or broker with the
right to sell a property within a specified period of time.
Exclusive
Listing - A property that is for sale by an exclusive
agent.
Exclusive
Right to Sell - A written agreement between a property
owner and a real estate agent that give the agent the
exclusive right to sell the property within a specified period
of time.
Exculpatory
Clause - A contract provision excusing a party for
injuries to another; frequently used by lessors in
leases. Exculpatory clauses do not affect the rights of
third parties who may be injured on the premises.
Executed
Contract - A contract where all performance has been
completed.
Executor's
Deed - Deed from probate containing the warranty that the
executor(trix) has not encumbered the property.
Executory
Contract - A contract that has yet to be performed.
Express
Contract - A contract that is stated verbally or in
writing, as opposed to an implied contract, which is
understood but not stated.
Expropriate
- To take land or other property from a property owner for
public use.
Extended
Coverage Policy - Extends basic fire policy (fire,
lightning and smoke) to cover additional perils such as
windstorm, hail, riot and such.
External
Obsolescence - The effect of external requirements or conditions that have a
negative influence on the value of the property as it now
stands.
Extension
Agreement - A mutual agreement that grants additional time
to a contract in order to complete a condition or satisfaction
of a contingency.
Extension
of a Lease - Continued occupancy under the terms of an
existing lease (a lease renewal is a new lease).
|
