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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

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

A deposit made of a portion of the purchase price by the buyer to demonstrate his or her serious intent to purchase the property, usually accompanied by an agreement outlining the terms and conditions of the sale

Easement

The permanent or temporary right to use the property of another for a specific purpose -- e.g. for access over the property, putting up utility lines, etc.

Egress

The right to leave or exit over a piece of property

Eminent domain

The right of the government to take over private property for public purposes upon payment of its fair market value

Encroachment

A physical, illegal intrusion onto another's adjoining property; examples are a structure, driveway, fence

Encumbrance

Any claim against the fee simple title to a property, such as a lien, mortgage, or easement

Equal Credit Opportunity Act (ECOA)

A federal law that requires 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

The owner's financial interest in a property, over and above any indebtedness for that property; or the difference between the fair market value of the property, and the amount still owed on its mortgage

Equity Sharing

A form of joint ownership between an owner/occupant and an owner/investor, whereby the owner/investor receives depreciation deductions as his portion of interest in the property, and the owner/occupant receives some of the tax write-offs for interest and taxes, as well as part of his monthly payment being applied against his rent. If the property were sold, the co-owners would also divide the profit

Escheat

Property that reverts to state ownership when an individual dies without a will and without heirs

Escrow

A deed, contract, or something of value deposited with a disinterested third party, to be delivered upon the performance of certain conditions by the parties involved; e.g., an attorney or escrow agent taking custody of funds and documents upon the closing of a sale of real estate

Escrow account

An account established by an escrow agent to hold funds for the agent's principal until the consummation of the transaction

Escrow instructions

A document that outlines the duties of the escrow agent and the obligations of the parties involved in an escrow transaction

Escrow payment; also "impounds" or "reserves" in some states

The portion of a mortgagor's monthly payment that is retained by the escrow agent to cover the costs of taxes, hazard or mortgage insurance, lease payments, and other costs incurred in the course of the transaction

Estate

An individual's possessions and property, relevant particularly at the time of death

Eviction

The legally directed removal of an occupant from real property

Exclusive listing, or Exclusive agency listing, or Exclusive right-to-sell listing

A written contract giving a licensed real estate broker the exclusive right to sell a property for a designated period of time, on terms stated by the owner, for a fee, while also reserving the owner's right to sell the property himself, without paying anyone a commission

Executor

A person named in a will, or in the absence of such designation, appointed by the probate court, to administer an estate and carry out its terms

Extended Mortgage

A mortgage in which the due date of payment is extended, and is usually charged at a higher interest rate than the original mortgage

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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Real Estate Tips
Financing Your Home >Qualifying Guidelines

It may be difficult to qualify for a home mortgage loan. As a buyer, you may find the perfect home, but finding the perfect financing might become elusive. After you complete the application process, your lender may turn you down, which is an upsetting development for any prospective homebuyer. What can be done to remedy such a setback?

The answer depends on why you were turned down. If your income is too low to satisfy one mortgage company, there might be another company with more liberal qualifying guidelines. If you have had credit problems, some lenders may be more willing than others to help you clear them up in a manner that satisfies their underwriters. If your loan runs into problems, sit down with the loan officer and your real estate agent to investigate the possibility of using a different lender. The first company may be able to "assign" the package to a competitor, enabling you to use your same credit report and appraisal. You will need the cooperation of your sellers, too.

While loan rejections are disappointing, they can be resolved.

See All Tips In The "Financing Your Home" Category >
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Real Estate Trivia
Q 
What criteria determines the hottest real estate markets?

A 
Job/personal income growth; population/household growth; housing affordability/appreciation; and current inventory of homes for sale.
See More Real Estate Trivia >


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The Leigh Hill Team, REALTOR®, real estate agent and broker for Chester, Long Valley and Mendham, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Leigh Hill
Weichert Realtors

142 Main Street
Chester
New Jersey 07930
Leigh Hill's Cell : 908-256-2364
E-Fax : 1-888-859-0247
E-Mail: leighHill@aol.com

The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her and Maria's clients. Leigh and Maria are responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.


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