Glossary |
Terms that are on use on this site.
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| There are 8 entries in the glossary. |
| Pages: 1 |
| Easement | An irrevocable right to use some part of another person's real property for a specific purpose. |
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| Eminent Domain | Government's constitutional power to take or condemn private property for public use, as long as the owner is fairly compensated. |
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| Encroachment | Physical intrusion onto adjoining property, usually due to error regarding the boundary location. |
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| Equity | The difference between the value of a property and the liens against it. |
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| Escalation Clause | A clause providing for payment or interest adjustments if certain events occur, such as a change in the property taxes or the prime interest rate. |
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| Escape Clause | Purchase Agreement provision in an FHA or VA laon allowing the buyer to terminate the contract if the appraised value of the property is less than the agreed price. |
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| Escrow Account | A bank account which is maintained by the lender to be used for payment of property taxes and insurance premiums on the secured property. The borrower makes regular deposits (typically included the monthly payment) and the lender pays those expenses out of the account. |
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| Exclusive Right to Sell Listing | Listing agreement between broker and seller providing that seller will pay broker a commission if a buyer is found during the term of the listing. |
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Glossary V2.0 |
Real Estate Terms