Real Estate Terms Glossary - E

· 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.

· 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 account.

· 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 death.

· Eviction   A legal procedure to remove a tenant for reasons including failure to pay rent.

· 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 smoke.

· Experian   Experian, formerly known as TRW Information Systems & Services, is one of the "Big Three" credit-reporting bureaus.. Address: 505 City Parkway West, Orange, CA 92868.