Early occupancy
The condition in which buyers can occupy a property before the sale is complete.

Earnest money
Money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.

EASEMENT
A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place pole lines, pipe lines or roads thereon.

EEM
Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase

Effective age
The age of a structure estimated by its condition rather than its actual age.

Efflorescence
White, powdery substance on concrete, stucco or other masonry caused by water-soluble salts leaching to the surface.

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 right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value.

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.

ENCUMBRANCE
A right or claim upon real property (land) held by one other than the property owner. Encumbrances are divided into two classes, as follows: (1) liens (mortgages, deeds of trust, mechanics' liens, local taxes, assessments, judgments, attachments, etc.); and (2) encumbrances other than liens which are limitations on the ownership of the land (such as conditions, restrictions, reservations, easements, etc.).

Endorser
A person who signs over ownership of property to another party.

ENDORSEMENT
Addition to or modification of a title insurance policy which expands or changes coverage of the policy, fulfilling specific requirements of the insured.

Entitlement
The VA home loan benefit is called an entitlement and often referred to as eligibility.

Environmental impact statement
A government ordered evaluation of all aspxects and effects a development will have on the environment of a proposed site.

Equal Credit Opportunity Act (ECOA)
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.

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.).

ESCROW
An independent third party, such as First American Title, who acts as the agent for buyer and seller, or for borrower and lender, carrying out instructions of both and disbursing documents and funds. Escrow closes and the transfer of property or document is completed upon fulfillment of certain conditions specified in the written instructions, whereupon the necessary deeds and other instruments are recorded.

Escrow agent
A neutral third party who ensures that all conditions of a real estate transaction are met before any transfer of funds or property is recorded.

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 Disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance and other property expenses as they become due.

Escrow payment
Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.

ESTATE
(1) The interest or nature of the interest which one has in property, such as a life estate, the estate of a decreased, real estate, etc.; (2) A large house with substantial grounds surrounding it, giving the connotation of belonging to a wealthy person.

Estimated property taxes
An estimate of property taxes payable on the property according to state and county tax rates.  The amount due is based on the property's assessed value which is based on the most recent sale price plus any assessment updates.

Estoppel
Agency situation in which one party incorrectly states that another person is the agent and a third person relies on that representation.

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.

Exceptional depreciation
Describes damages to a building that are not the result of normal wear and tear.

Exclusive Buyers Agent (EBA)
An agent, company or franchise working exclusively for buyers as a fiduciary agent.  These agents do not represent sellers or list properties for sale.

Executed contract
A contract in which all parties have fulfilled their promises.

EXECUTION
An order directing a sheriff, constable, marshal or court-appointed commissioner to enforce a money judgment against the property of a debtor. This officer, if necessary, may sell the property to satisfy the judgment.

EXECUTOR
A person appointed in a will and affirmed by the probate court to cause a distribution of the decedent's estate in accordance with the will. If a woman is appointed, she is referred to as the executrix.