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early occupancy

When the buyer is able to occupy the property before the sale is complete.

earnest money

The money that the buyer gives with an offer to purchase.

earthquake insurance

An insurance policy with coverage against damage from an earthquake.

easement

A right given to a third party to use a portion of a property for certain purposes.

electronic transfer

Is authorizing a lender to transfer funds from a personal bank account in order to make automatic payments form your bank to your mortgage account.

effective age

The estimated age of a structure; calculated by the condition of the structure.

effective gross income

Additional income that a lender takes into consideration when assessing an application for a loan.

efflorescence

A white, powdery substance found on concrete, stucco or other masonry that is caused by water-soluble salts leaching to the surface.

electric service panel

The panel that transfer the power from the utility line into the building.

end loan

Is the change for the buyer from the construction loan to a permanent loan upon completion of the construction of the entire building project.

elevations

The position of the building 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 government’s right to take private property for public use.

employer-assisted housing

Arrangements that employers have with lenders to help employees purchase homes.

empty nesters

Potential buyers who have grown children that no longer live with them so they are looking for a smaller home to purchase.

encroachment

Any structure that extends onto the property of another owner.

encumbrance

A claim, lien, a right or interest in a property which complicates the transfer of title process.

endorser

The individual who signs over the ownership of a property to another individual.

English Tudor style

An unsymmetrical layout style of house built with a combination of stone, stucco and timber.

environmental impact statement

A government evaluation of the effects a proposed development will have on the environment.

environmentally friendly home construction

A method of construction that utilizes recycled materials.

Equal Credit Opportunity Act (ECOA)

Federal law that prohibits a lender or creditor from refusing credit to applicants based on sex, marital status, race, religion, national origin, or age, or because the applicant receives public assistance.

equalization

An appraisal of all property within an area for the purpose of equalizing values and to ensure that taxes are assessed equally and fairly.

Equifax

A credit-reporting bureau that operates nationwide. Also known as Equifax Credit Information Services, Inc.

equity

The value of a property after the liens are deducted.

errors and omissions insurance

An insurance policy that pays for any mistakes that a builder or architect makes.

escheat

When the ownership of a property reverts to the state when the owner dies without leaving a will.

escrow

A neutral third party that holds the documents and money during a real estate transaction and ensures that all the conditions of the sale are met.

escrow account

An account where funds are held for the payment of expenses on the sale of a property. Also known as an impound account.

escrow agent

A neutral third party that holds the documents and money during a real estate transaction and ensures that all the conditions of the sale are met.

escrow analysis

A periodic examination of an escrow account to determine if the lender is withholding enough funds from a borrower’s monthly payment to pay for expenses such as property taxes and insurance.

escrow closing

The period of time when all conditions of a real estate transaction have been met and the title of property is transferred to the buyer.

escrow company

A neutral third party that holds the documents and money during a real estate transaction and ensures that all the conditions of the sale are met.

escrow payment

Funds that a lender withdraws from a borrower’s monthly escrow amount to pay property taxes or insurance.

estate

The total assets of an individual at the time of their death.

estimated closing costs

An estimate of the incidental expenses that will be due upon the sale of the property. These expenses are in addition to the price of the property and are prepaid at closing.

estimated hazard insurance

An estimate of insurance coverage for fire and wind damage. Also known as homeowners insurance or fire insurance.

estimated property taxes

An estimate of property taxes based on local tax rates and assessed property value.

estimated taxes and insurance

An estimate of the monthly fees for taxes and insurance that a lender uses to evaluate a borrowers monthly housing expenses.

estoppel

An agency error where one party incorrectly states who the agent is, and a third party relies on that representation.

European style

A cabinetry term that refers to a style of cabinet without a face frame. Also known as box cabinet.

evaporator

A system of coils in refrigeration or air conditioning system. When filled with cold refrigerant, they cool the air around it.

eviction

A legal procedure to remove a tenant.

examination of title

The inspection of public records and other documentation to determine the ownership history on a property.

excavation

The process of clearing trees, removing topsoil and grading land before a foundation is laid.

exceptional depreciation

The term used to describe unusual damages to a building.

exclusive agency

An agreement or contract to employ a specific agent for the sale of a property. If another agent makes the sale, both will be entitled to the commission.

exclusive buyers agent (EBA)

An agent or company that works exclusively with buyers as a fiduciary agent.

exclusive listing

A contract that gives an agent the exclusive right to market the property for a specified period of time.

executed contract

A contract in which all parties have fulfilled their promises.

executor

A person or court appointed individual who carries out the instructions in a will.

exemption

The removal of a piece of property from the tax base. An exemption may be partial or complete.

exfiltration

Leakage of air from the interior of a building to the environment.

exhaust fan

A ventilating device to remove water vapor, undesirable odors or smoke.

Experian

A credit reporting bureau.

Address: 505 City Parkway West, Orange, CA 92868. Phone: (800) 392-1122.

express agreement

A verbal contract.