Glossary in letter e

Early Occupancy
A condition when a buyer is allowed to occupy the property before the sales are completed
Earthquake Insurance
An Insurance policy that provides coverage against damage to a home from an earthquake disaster.
Easement
A given right to a third part to use a part of the property for certain purposes, e.g.: Power Lines or water systems.
Effective Age
Age of a structure estimated by it's condition rather than it's actual timely age.
Effective Gross Income
Additional Income that a lender must consider when assessing the loan application of a potential borrower.
Efflorescence
White, powdery substance found usually on concrete, stucco, or other masonry caused by Water-soluble salts sticking to the suface.
Electric Service Panel
An electric panel that transfers power from the utility line into the house distributing it through fuses or circuit breakers.
Electronic Transfer
The process of having a mortgage payment automatically deducted from a borrowers Bank Account, which is very common in most lender services.
Eminent Domain
The government's right to condemn private land from public use, e.g.: re-routing of a public highway.
Employer-assisted Housing
Programs which helps employees purchase a home through many types of special plans developed with the lenders./dd>
Empty Nesters
Potential buyers who have families and want to move into a smaller home.
Estate
The degree, quantity, nature and extent of interest that a person has over a real property.
Estoppels Certificate
An instrument executed by the mortgagor setting forth the status of and the balance due on the mortgage as of the date of the execution of the certificate.
Eviction
The legal procedure to have a tenant forcibly removed from a dwelling.
Exceptional Depreciation
Another Term used to describe damages done to a building that is not due to normal wear and tear.
Exclusive Right to Sell
An agreement to give, within a specified period, only on broker the right to sell. If a sale is made during the terms of the agreement is made by the owner or by any other broker, the broker holds the exclusive right to obtain the compensation.
Execution Sale
The sales of a property by a sheriff pursuant to a court order.
Exemption
The removal of property from the tax base (Partial or complete).
Extending the Loan Term
Extending the time limit that the borrower has in order for him to repay a loan./dd>
Extension Agreement
An agreement that extends the life of a mortgage.