Key Real Estate Terms E | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms E
This article provides the definitions of key estate terms beginning with the letter E.
Early Occupancy
refers to the practice of allowing the buyer to take possession of real property before closing.
Earnest Money
is the cash deposit paid by the prospective buyer of real property as evidence of a good faith intention to complete the transaction.
Easement
is a right to use the land of another for a specific purpose such as for the right of utilities to install and maintain equipment.
Easement by Condemnation
is an easement created by the government or government agency that has been exercised under eminent domain.
Easement by Prescription
is an easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.
Eminent Domain
is the right of a government or municipal quasi public body to acquire property for public use through a court action, the court decides that the use is a public use and determines the compensation to be paid to the owner.
Encroachment
is a building or some portion of t a wall or fence for instance, that extends beyond the land of the owner and illegally intrudes on some land of adjoin owner, street, alley, or easement.
Encumbrance
is anything such as a mortgage, tax, or judgment lien, an easement, a restriction on the use of land that may diminish the value or use and enjoyment of a property.
Equity
the interest or value that an owner has in property over and above any indebtedness.
Escheat
is the reversion of property to the state or county as provided by state law in case where a decedent dies intestate with out heirs capable of inheriting or when the property is abandoned.
Exclusive Agency Listing
is a listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property on the owner’s terms for a commission. The owner reserves the right to sell without paying any a commission if he or she sells to a prospect that was not been introduced or claimed by the broker.
Exclusive Right to Sell Listing
is a listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property on the owners state terms an agrees to pay the broker a commission when the property is sold whether by the broker, the owner, or another broker.
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Definitions Of Key Real Estate Key Terms E
