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Real Estate Dictionary

Welcome > Resources > Real Estate Dictionary - A

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

E

Earnest money

A deposit made of a portion of the purchase price by the buyer to demonstrate his or her serious intent to purchase the property, usually accompanied by an agreement outlining the terms and conditions of the sale

Easement

The permanent or temporary right to use the property of another for a specific purpose -- e.g. for access over the property, putting up utility lines, etc.

Egress

The right to leave or exit over a piece of property

Eminent domain

The right of the government to take over private property for public purposes upon payment of its fair market value

Encroachment

A physical, illegal intrusion onto another's adjoining property; examples are a structure, driveway, fence

Encumbrance

Any claim against the fee simple title to a property, such as a lien, mortgage, or easement

Equal Credit Opportunity Act (ECOA)

A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs

Equity

The owner's financial interest in a property, over and above any indebtedness for that property; or the difference between the fair market value of the property, and the amount still owed on its mortgage

Equity Sharing

A form of joint ownership between an owner/occupant and an owner/investor, whereby the owner/investor receives depreciation deductions as his portion of interest in the property, and the owner/occupant receives some of the tax write-offs for interest and taxes, as well as part of his monthly payment being applied against his rent. If the property were sold, the co-owners would also divide the profit

Escheat

Property that reverts to state ownership when an individual dies without a will and without heirs

Escrow

A deed, contract, or something of value deposited with a disinterested third party, to be delivered upon the performance of certain conditions by the parties involved; e.g., an attorney or escrow agent taking custody of funds and documents upon the closing of a sale of real estate

Escrow account

An account established by an escrow agent to hold funds for the agent's principal until the consummation of the transaction

Escrow instructions

A document that outlines the duties of the escrow agent and the obligations of the parties involved in an escrow transaction

Escrow payment; also "impounds" or "reserves" in some states

The portion of a mortgagor's monthly payment that is retained by the escrow agent to cover the costs of taxes, hazard or mortgage insurance, lease payments, and other costs incurred in the course of the transaction

Estate

An individual's possessions and property, relevant particularly at the time of death

Eviction

The legally directed removal of an occupant from real property

Exclusive listing, or Exclusive agency listing, or Exclusive right-to-sell listing

A written contract giving a licensed real estate broker the exclusive right to sell a property for a designated period of time, on terms stated by the owner, for a fee, while also reserving the owner's right to sell the property himself, without paying anyone a commission

Executor

A person named in a will, or in the absence of such designation, appointed by the probate court, to administer an estate and carry out its terms

Extended Mortgage

A mortgage in which the due date of payment is extended, and is usually charged at a higher interest rate than the original mortgage

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



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Real Estate Trivia
Q 
What is the most common street name in the US?

A 
Second Street ranks as the most common street name. First Street is not #1 because many "First" streets are called "Main" Street.
See More Real Estate Trivia >

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Lela Ashkarian, REALTOR®, real estate agent and broker for Marathon, Duck Key, Key Colony Beach and Islamorada, Florida home listings, property and land for sale

'Lela' Ashkarian P.A. CRS, e-PRO. GRI
Coldwell Banker Schmitt Real Estate

11050 Overseas Highway
Marathon, FL. 33050
Direct: 305-395-0814
Mobile: 305-395-0814
Toll Free: 800-366-5181 ext 6492
eFax: 305-946-7771
Voice Mail: 800-366-5181 ext 6492
Email: lela@coldwellbanker.com
Email: lelasells@bellsouth.net
email: 395.0814@305.ac

My purpose is to help buyers and sellers Making Their Dream a Reality! To Live and Work in a prosperous environment in The Heart of Florida Keys and Key West that encourages productivity, to that we may improve the service we render to our family, friends, company, our community, our nation and, ultimately, the World. By The Way! Why is that immigrants to the United States succeed and become self-made millionaires at four times the rate of native-born Americans on a per-capita basis? and the simplest reason of all, aside from the fact that they had to have more ambition to leave their home to come here, is that they come here with a blank slate...is they come here, and they say, "Now, I'm starting all over from nothing." Many of them come here penniless, with no friends, no contacts, no ability to speak English. They have no education. They have no background. they start with nothing but a blank slate. and what they do is they say, "Now, I'm in the land of dreams. What is my dream?" (Brian Tracy). Does this resonate with you? it does with me! Now what is your dream? Thank You. Lela p.s. People don't mind trading information for good value. Please feel free to leave your email and phone number where I can communicate with you effectively.

CRS ePro GRI Equal Housing MLS REALTOR CRS RELO


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