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- Early occupancy The condition
in which buyers can occupy the property
before the sale is completed.
- Earnest money Money a buyer
gives with an offer to purchase a property.
Also called a deposit.
- Earthquake insurance A policy
that provides coverage against damage to a
home from an earthquake.
- Easement A right given to a
third party to use a portion of the property
for certain purposes, such as power lines or
water mains.
- Eaves The projecting overhang
at the lower edge of a roof.
- Effective age The age of a
structure estimated by its condition rather
than its actual age.
- Effective gross income Additional
income that a lender considers when
assessing the loan application of a
potential borrower.
- Egress A way out,
Exit, Emergency
- Electric service panel A panel
that transfers power from the utility line
into a house to be distributed through fuses
or circuit breakers.
- Elevations The exterior view of
a home design that shows the position of the
house relative to the grade of the land.
- Ell An extension or wing of a
house that is at right angles to the main
structure.
- Emblements Vegetables
chattels, growth of the earth which are
produced annually, not spontaneously, but by
labor and industry, and thence are called
"fructus industriales"
- Eminent domain The
right of the people or government's to condemn private land for public
use, such as the routing of a public
highway.
- Employer-assisted housing Programs
which help employees purchase homes through
special plans developed with lenders.
- Empty nesters Potential buyers
who have raised their families and want to
move into a smaller home.
- Encroachment Fences or other
structures that extend into the property of
another owner.
- Encumbrance A claim or lien on
a property which complicates the title
process.
- End loan The conversion from a
construction loan to permanent financing a
condominium buyer secures after all units in
a project have been completed.
- Endorser A person who signs
over ownership of property to another party.
- English Tudor style An
architectural design that features stone or
brick exterior walls and exposed beams.
- Environmental impact statement A
government-mandated evaluation of all
aspects and effects a development will have
on the environment of a proposed site.
- Environmentally friendly home
construction A method of construction
that utilizes recycled materials.
- Equal Credit Opportunity Act. A
federal law that prohibits a lender or other
creditor from refusing to grant credit based
on the applicant's sex, marital status,
race, religion, national origin or age. The
law also prohibits a creditor from refusing
to grant credit because the applicant
receives public assistance.
- Equifax Equifax Credit
Information Services, Inc., is one of the
"Big Three" credit-reporting bureaus that
operate nationwide. Address: P.O. Box
740249, Atlanta, GA 30374.
- Equity A determination of the
value of a property after existing liens are
deducted.
- Errors and omissions insurance A
policy that pays for any mistakes a builder
or architect makes in a project.
- Escrow A neutral third party
holds the documents and money involved in a
real estate transaction and ensures that all
conditions of a sale are met.. Escrow also
refers to a special account that a lender
establishes to hold monthly installments
from the borrower to cover property taxes
and insurance.
- Escrow account An account that
a lender or mortgage servicer establishes to
hold funds for the payment of expenses such
as homeowners insurance and property taxes.
Also known as an impound account.
- Escrow agent A neutral third
party who ensures that all conditions of a
real estate transaction are met.
- Escrow analysis A lender's
periodic examination of an escrow account to
determine if the lender is withholding
enough funds from a borrower's monthly
mortgage payment to pay for expenses such as
property taxes and insurance.
- Escrow closing Escrow closes
when all conditions of a real estate
transaction are met and the title of the
property is transferred to the buyer.
- Escrow company Firms that act
as neutral third parties to ensure that all
conditions that the buyer, seller and lender
establish in a real estate transaction are
met.
- Escrow payment Funds that a
mortgage servicer withdraws from a
borrower's escrow account to pay property
taxes and insurance.
- Estate The total assets of a
person, including real property, at the time
of death.
- Estoppel A bar or
impediment raised by the law, which
precludes a person from alleging or from
denying a certain fact or state of facts, in
consequence of a previous allegation or
denial or conduct or admission, or in
consequence of a final adjudication of the
matter in a court of law.
- Eviction A legal procedure to
remove a tenant for reasons including
failure to pay rent.
- Examination of title An
inspection by a title company of public
records and other documents to determine the
chain of ownership of a property.
- Excavation The process of
clearing trees, removing topsoil and grading
land before the foundation is laid.
- Exclusive listing A contract
that gives an agent the exclusive right to
market a property for a specific period of
time.
- Ex Contractu Latin.
From or out of contract.
- Executor A person appointed to
carry out the instructions in a will. If
there is no will, a probate court will
appoint an executor.
- Exempt To refuse to
admit, consider, include etc.
- Exhaust fan Ventilating devices
that remove water vapor, undesired smells or
smoke.
- Experian Experian,
formerly known as TRW Information Systems &
Services, is one of the "Big Three"
credit-reporting bureaus.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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