A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
E
- Earnest money
Money given by a buyer as part of the purchase price to bind a transaction or assure
payment. Also called DEPOSIT.
- Earnings per share (EPS)
The net earnings of a corporation divided by the
average number of shares of its common stock outstanding during a period. A common method
of expressing a corporation's profitability.
- Easement rights
A right-of-way granted to a person or company authorizing access to or over the owner's
land. An electric company obtaining a right-of-way across private property is a common
example.
- Encroachment
An obstruction, building, or part of a building that intrudes beyond a legal boundary onto
neighboring private or public land, or a building extending beyond the building line.
- Encumbrance
A legal right or interest in land that affects a good or clear title, and diminishes the
land's value. It can take numerous forms, such as zoning ordinances, easement rights,
claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive
convenants. An encumbrance does not legally prevent transfer of the property to another. A
title search is all that is usually done to reveal the existence of such encumbrances, and
it is up to the buyer to determine whether he wants to purchase with the encumbrance, or
what can be done to remove it.
- Entitlement
The VA home loan benefit is called entitlement. Entitlement for a VA guaranteed home loan.
This is also known as eligibility.
- Equal Credit Opportunity Act (ECOA)
Federal law requiring lenders and other creditors to make credit equally available without
discrimination based on race, color, religion, national origin, age, sex, marital status
or receipt of income from public assistance programs.
- Equity
A homeowner's financial interest in a property. Equity is the difference between the fair
market value of the property and the amount still owed on its mortgage.
- Escrow
An item of value, money, or documents deposited with a third party to be delivered upon
the fulfillment of a condition. For example, the deposit by a borrower with the lender of
funds to pay taxes and insurance premiums when they become due, or the deposit of funds or
documents with an attorney or escrow agent to be disbursed upon the closing of a sale of
real estate.
- Escrow
account
The account in which a mortgage servicer holds the borrower's escrow payments prior to
paying property expenses.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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