REAL ESTATE TERMS

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There are currently 8 names in this directory beginning with the letter E.
EARNEST MONEY
Earnest money is a deposit made by a homebuyer at the time they enter into a contract with a seller.

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.

ENCROACHMENT
An improvement that intrudes illegally on another's property.

EQUITY
The difference between the price for which a property can be sold and the mortgage(s) on the property; equity is the owner’s stake in the property.

ESCROW
An account in which a neutral third party holds the documents and money in a real-estate transfer until all conditions of a sale are met. Also, an account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.

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.

EXAMINATION OF TITLE
A title examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the title has passed cleanly and legally to every new owner.