A cash deposit made to a home seller to secure an offer to buy the property.
This amount is often forfeited if the buyer decides to withdraw his offer.
EASEMENT
The right of a non-owner of property to exert control over a portion or all of the
property. For example, power companies often own an easement over
residential properties for access to their power lines.
EAVE
The part of the roof that extends beyond the exterior wall.
ECONOMIC DEPRECIATION
The decline in property value caused by external forces, such as neighborhood
blight or adverse development.
ECONOMIC LIFE
The amount of time which any income-producing property is able to provide
benefits to its owner.
EFFECTIVE AGE
The subjective, estimated age of a property based on its condition, rather than
the actual time since it was built. Excessive wear and tear can cause a
property's effective age to be greater than its actual age.
EMINENT DOMAIN
The legal process whereby a government can take ownership of a piece of
property in order to convert it to public use. Often, the property owner is paid
fair-market value for the property.
ENCROACHMENT
A building or other improvement on one property which invades another
property or restricts its usage.
ENCUMBRANCE
A claim against a property. Examples are mortgages, liens and easements.
ENERGY EFFICIENCY RATIO
An efficiency rating system for air conditioning units that corresponds to the
number of BTU's output per watt of electricity used.
EQUAL CREDIT OPPORTUNITY ACT (ECOA)
U.S. federal law requiring that lenders afford people equal chance of getting
credit without discrimination based on race, religion, age, sex etc
EQUITY
The difference between the fair market value of a property and that amount an
owner owes on any mortgages or loans secured by the property.
EQUITY BUILDUP
The natural increase in the amount of equity an owner has in a property,
accumulated through market appreciation and debt repayment.
ERRORS AND OMISSIONS INSURANCE
An insurance policy taken out by appraisers to cover their liability for any
mistakes made during the appraisal process.
ESCROW
An amount retained by a third party in a trust to meet a future obligation. Often
used in the payment of annual taxes or insurance for real property.
ESCROW ACCOUNT
An account setup by a mortgage servicing company to hold funds with which to
pay expenses such as homeowners insurance and property taxes. An extra
amount is paid with regular principal and interest payments that goes into the
escrow account each month.
ESCROW ANALYSIS
An analysis performed by the lender usually once each year to see that the
amount of money going into the escrow account each month is correct for the
forecasted expenses.
ESCROW DISBURSEMENTS
The payout of funds from an escrow account to pay property expenses such as
taxes and insurance.
ESTATE
The total of all property and assets owned by an individual.
EXAMINATION OF TITLE
The report on the title of a property from the public records or an abstract of the
title.
EXCLUSIVE LISTING
An agreement between the owner of a property and a real estate agent giving
the agent exclusive right to sell the property.
EXECUTOR
The person named in a will to administer the estate.
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Each Office Independently Owned and Operated
Information presented on this website is believed reliable but is not guaranteed
Copyright © 2004-2006 All Rights Reserved
CENTURY 21 Lindsey & Pauley
1745 Hwy 53 West · Jasper, Georgia 30143
Office: 706-692-3533 · Fax: 706-692-2366
info@lindseyandpauley.com
2004 CENTURY 21 Real Estate Corporation © and sm trademark and servicemark of
CENTURY 21 Real Estate Corporation. Equal housing opportunity.
Home Buyers' Guide
