E

Earnest Money Deposit - Down payment made by a purchaser of real estate as evidence of good faith; a deposit or partial payment.

Easement - A right created by grant, 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 by Prescription - (See Prescriptive Easement).

Easement in Gross - An easement for the benefit of a person or company, rather than for the benefit of another parcel of land. Commonly, such easements as for 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 Demand - A qualifying term meaning the ability to pay as well as desire to buy.

Efficiency - An apartment consisting of one room, sectioned into areas for a kitchen, bedroom, etc.

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.

Eminent Domain - The right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value. See Condemnation.

Encroachment - The presence of an improvement such as a building, a wall, a fence or other fixture which overlaps onto the property of an adjoining owner.

Endorsement, Indorsement - The act of the holder of a note, bill, check, or other negotiable instrument, of assigning said instrument by signing the back of the instrument, with or without qualifications.

Entire Tenancy - (See Tenancy by the Entirety)

Entity - A separate existence or being, most commonly referring to a corporation or other form of business, rather than an individual.

Equity - (1) A legal doctrine based on fairness, rather than strict interpretation of the letter of the law. (2) the market value of real property, less the amount of existing liens. (3) any ownership investment (stocks, real estate, etc.) As opposed to investing as a lender (bonds, mortgages, etc.).

Equity Build-up - The reduction of principal on a mortgage or deed of trust by periodic payments, which increases (builds-up) the difference (equity) between the property value and amount of the lien.

Equity Line of Credit - A combination of a line of credit and equity loan. A maximum loan amount is established based on credit and equity. A mortgage (deed of trust) is recorded against the potential borrower's property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the mortgage.

Equity Loan - A loan based upon the equity in a property. The credit of the borrower is not a major factor. (See also Personal Property Loan).

Erosion - The wearing away, over a prolonged period, of rock, earth, or other portions of land.

Errors and Omissions Insurance - Insurance covering losses caused by errors and omissions of professions other than medicine. Used by banks, real estate companies, escrow companies, etc.

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. Modernly, in some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instructions as to their use.

Escrow Instructions - Instructions which are signed by both buyer and seller, and which enable an escrow agent to carry out the procedures necessary to transfer real property, a business, or other assignable interest.

Escrow Officer - An escrow agent. In some sates, one who has, through experience and education, gained a certain degree of expertise in escrow matters.

Estate - (1) 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. (2) a large house with substantial grounds surrounding it, giving the connotation of belonging to a wealthy person.

Estate at Will - (See Tenant at Will).

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.

Examination - An inspection. In title, an inspection of the chain of title from the beginning of time to the present.

Exceptions - (1) specific items set forth in an insurance policy which are not covered by said policy. (2) any item specifically excluded.

Execution Sale - Sale of real property under a writ of execution by a court. A judicial mortgage foreclosure sale is in this category.

Executor - One who is appointed under a will to carry out (execute) the terms of the will.

Executor's Deed - A deed issued by the executor of an estate. (see Executor).

Extended Coverage - With reference to insurance, coverage beyond the normal (standard) policy.

Extension - A continuing under the same conditions, as opposed to a renewal, which implies new terms or conditions.

Exterior Wall - The outer vertical surface of a structure, which encloses the entire structure, and the dimensions of which are used to find the gross area of the enclosure for appraisal purposes.

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