Real Estate Dictionary

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ERNEST MONEY - see deposit.

EASEMENT - A right created by grand, reservation, agreement, prescription, or necessary implication , which one has in the land of another. It is either for the benefit of land (appurtenant), such as right to cross A to get to B, or "in gross", such as a public utility easement.

EASEMENT APPURTENANT - An easement for the benefit of another parcel of land, such as the right to cross parcel A to reach B. The easement will pass with the transfer of property to a new owner.

EASEMENT IN GROSS - An easement for the benefit of a person or company, rather than for the benefit of another parcel of land. Commonly these easements are for the public utilities.

EASEMENT OF NECESSITY - An easement granted by a court when it is determined that said easement is absolutely necessary for the use and enjoyment of the land. Commonly given to landlocked parcels.

EFFECTIVE AGE - Age of a structure as estimated by its condition rather than its age. May take into account rehabilitation and maintenance.

EGRESS - A term concerning a right to come and go across the land (public or private) of another. Usually part of the term ingress and egress.

ELEVATION - 1) Height above sea level. 2) The height measured from any point, such as the elevation from a floor. Vertical elevation.

EMINENT DOMAIN - A government right to acquire private property for public use by condemnation, and the payment of just compensation.

EMPLOYMENT LETTER - A letter from an employer stating the time a person has been employed and the income from said employer.

ENCROACHMENT - Generally, construction onto the property of another, as of a fence, wall, building, etc.

ENCUMBRANCE, ENCUMBRANCE - A claim, lien, charge or liability attached to and binding on real property. A right to or interest in land which may exist in one other than the owner, but which will not prevent the transfer of free title.

ENVIRONMENT - Surroundings. An appraisal term meaning the characteristics of the area around a property which may have an affect of the value of the property. For example a property bordering a golf course as opposed to a highway.

EQUITABLE LIEN - A lien in a court of equity, based on evidence of an intent between debtor and creditor to create a lien on specific property of the debtor, but a failure to legally create said lien.

EQUITABLE MORTGAGE - 1) A lien against real property (mortgages) which is enforceable in a court of equity, but does not legally constitute a mortgage. 2) A deed given as security for a debt will be held to be a mortgage, rather than a transfer of title.

EQUITY - The market value of real property , less the amount of existing liens.

EQUITY PURCHASER - One who purchases the equity of another in real property, either assuming or taking subject to existing mortgages or deeds of trust.

ESCHEAT - A reversion of property to the state in the absence of an individual owner. Usually occurs when a property owner dies intestate, and without heirs.

ESCROW - Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event. In some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral ) party, with instruction as to their use.

ESTATE - The interest or nature of the interest which one has in property, such as a life estate, the estate of a deceased, real estate, etc.

ESTOPPEL - The prevention of one from asserting a legal right because of prior actions inconsistent with the assertion.

ETHICS - With regard to professions, a code of professional standards, containing aspects of fairness and duty to the profession and the general public.

EVICTION - A court action to remove one from possession of real property. Most commonly the removal of a tenant or tenants.

EVIDENCE OF TITLE - A document establishing ownership to property. Normally a deed.

EXCLUSIVE AGENCY AGREEMENT - See Agency agreement.

EXCLUSIVE LISTING - A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission to the broker if certain real property of the owner is sold during a defined time period, regardless of whether the broker is or is not the cause of the sale. The broker promises to put forth his or her best efforts to sell the property, and may make specific promises as to advertising or other promotion in certain instances.

EXCLUSIVE RIGHT TO SELL - see exclusive listing.

EXTENSION - A continuation under the same conditions, as opposed to as renewal, which implies new terms or conditions. An example would be to extend a lease without changing the rent or terms.

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