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Dictionary
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Earnest Money
Also referred to as a deposit, money a potential buyer gives to the seller with an offer to purchase a property; often this money is exchanged upon the signing of the agreement of sale to show that the buyer is serious about buying the house.
Easement
A right-of-way granted to a third party authorizing use of, or access over, a portion of the owner’s land for certain purposes. A common example is for an electric company to gain entrance over private property to access power lines.
Eminent Domain
The right of a government (federal or state) to condemn privately owned land for public purposes (such as the routing of a public road), upon payment of its reasonable value as determined under condemnation proceedings.
Encroachment
A structure, such as a fence or part of a building, that extends beyond a legal boundary onto the property of another owner, whether it be public or private land.
Encumbrance
A legal claim or lien on a property that complicates the title process and often diminished the property’s value. Common examples are mortgages, unpaid taxes, zoning ordinances, pending legal action, and easement rights. Such liens are usually revealed in the title search process.
Equity
A determination of the market value of a property, less the total amount of existing liens.
Escrow
Funds paid to a neutral third party (the escrow agent) to hold for the duration of a real estate transaction; once all the conditions of the sale are met the funds are released to a designated individual.
Estate
The total assets belonging to an individual, including financial holdings, real estate, etc.
Estoppel Certificate
A legal document that prevents individuals from claiming facts that differ from those stated within the document. The certificate is signed by all involved parties as a way for facts to be confirmed by all involved.
Examination of Title
A study by a title company of public records related to the chain of ownership of a property in order to determine their condition and effect on the current status of the title.
Executor
A person appointed in a will to carry out the distribution of the decedent's estate. In cases when there is no will, an executor is appointed by a probate court.
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