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Early occupancy
Earnest money
Earthquake insurance
Easement
Eaves
Effective age
Effective gross income
Electric service panel
Elevations
Ell
Eminent domain
Employer-assisted housing
Empty nesters
Encroachment
Encumbrance
End loan
Endorser
English Tudor style
Environmental impact statement
Environmentally friendly home
construction
Equal Credit Opportunity Act
Equifax
Equity
Errors and omissions insurance
Escrow
Escrow account
Escrow agent
Escrow analysis
Escrow closing
Escrow company
Escrow payment
Estate
Estimated Gross Costs of Buying
Estimated Increase in Equity
Estimated Net costs of Buying
Estimated Tax Savings
Estimated Total Costs of Renting
Estimated Total Savings
Eviction
Examination of title
Excavation
Exclusive listing
Executor
Exhaust fan
Experian
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.
Estimated Gross Costs of Buying
Total principal and interest payments over the number of years that you plan to
own your home.
Estimated Increase in Equity
A specified property value increased by a selected rate of appreciation for a
specific number of years.
Estimated Net costs of Buying
The estimated gross costs of buying minus estimated tax savings and the
estimated increase in equity.
Estimated Tax Savings
The amount of tax a renter would save instead of owning a home based on
property taxes and interest paid.
Estimated Total Costs of Renting
The total current rental payments for the same number of years you would plan
to own a home increased by a yearly rental increase adjustment.
Estimated Total Savings
The estimated net costs of renting minus the lower net cost of buying.
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.
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