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Earnest Money
Down payment made by a purchaser of real estate as evidence of good faith.
Earnest Money Contract
A contract in which the seller agrees to sell and the buyer agrees to buy.
Easement
A right that may be exercised by the public or individuals on, over, or through the property of others.
Eminent Domain
The right of a government to take over a property by paying the fair market value.
Encroachment
A building, part of a building, or obstruction that intrudes upon the property of another.
Encumbrance
See Incumbrance.
Entry and Possession
A method of foreclosure used in some states in which the lender, who already owns the property, reenters it and
takes possession away from the borrower, either peacefully or by court order.
Equal Credit Opportunity Act
A federal law that requires extension of loan to all creditworthy customer without regard to race, color, religion,
national origin, age and sex or marital status.
Equity
The excess of fair market value over the outstanding loan balance.
Equity Cushion
The amount of equity required before a lender will make a loan.
Equity Loan
Junior (subordinate) loan based on a percentage of the equity.
Equity Right of Redemption
A right of the owner to avert foreclosure by paying the debt, interest, and costs.
Equity Skimmer
A scam artist who assumes a loan and collects money up front, and possibly rents, then refuses to pay the
payments on the assumed loan while keeping the cash paid up front.
Escrow
A deposit held ready for some use, such as to pay taxes and insurance on a mortgaged property.
Escrow Agent
A third party holding money, check, etc. to secure real estate transaction. Typically it is a listing (selling) broker.
Estate
The degree, quantity, nature and extent of interest (ownership) that a person has in real property.
Estoppel Certificate
An instrument executed by the mortgagor setting forth the status of and the balance due on the mortgage as of
the date of the execution of the certificate.
Eviction
The legal procedure to have a tenant forcibly removed from a dwelling.
Exclusive Right to Sell
An agreement to give, for a specified period, only one broker the right to sell. If a sale during the term of the
agreement is made by the owner or by any other broker, the broker holding the exclusive right is entitled to
compensation.
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Execution Sale
The sale of property by a sheriff pursuant to a court order.
Extending the Loan Term
Giving the borrower more time to repay a loan.
Extension Agreement
An agreement that extends the life of a mortgage.
Next Foreclosure Definitions: Fair Credit Reporting Act >> Guarantee
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