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Earnest Money |
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Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment. A good faith deposit. |
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Easement |
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The right to use the land of another for a specific limited purpose. Examples include utility lines, driveways, and INGRESS AND EGRESS. Easements can be temporary or permanent. |
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ECOA |
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Equal Credit Opportunity Act. ECOA is 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 from public assistance programs. |
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Eminent Domain |
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The power of the state to take private property for public use upon payment of just compensation. |
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Encroachment |
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The physical intrusion of a structure or improvement on the land of another. Examples include a fence or driveway over the property line. |
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Endorsement |
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A writing on a negotiable instrument by which title to a property mentioned therein is assigned and transferred. A notation added to an instrument after execution to change or clarify its contents. In insurance, coverage may be restricted or enlarged by endorsing a policy. In FHA loans, a notation placed on the note by the FHS indicating that the loan is insured under the National Housing Act. |
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Equity Sharing |
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- A form of joint ownership between an owner/occupant and an owner/investor. The investor takes depreciation deductions for his share of the ownership. The occupant receives a portion of the tax write-offs for interest and taxes and a part of his monthly payment is treated as rent. The co-owners divide the profit upon sale of the property. Compare, JOINT OWNERSHIP AGREEMENT.
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Escrow |
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A bank account where you deposit money that will be used to pay charges that come with your purchase of a house. An escrow account is sort of a neutral area between you and your mortgage lender that stores money you've deposited until you need it to pay for certain aspects of your loan, like closing costs, taxes or insurance fees. |
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Eviction |
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Also know as Ejectment in some jurisdictions, the legal removal of former property owners, tenants or squatters from a foreclosed property. |
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Executed Sales Contract |
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A contract where all the terms have been successfully completed by the buyer and the seller. |
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Executor |
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A person named in a will to carry out its terms and administer the estate. The feminine form is Executrix. Compare, ADMINISTRATOR. |
