Early occupancy
The condition in which buyers can occupy a property before the sale is complete.

Earnest money
Money a buyer provides with an offer to purchase a property.  Also called a deposit.

Earthquake insurance
An insurance 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 sewage 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.

Efflorescence
White, powdery substance on concrete, stucco or other masonry caused by water-soluble salts leaching to the surface.

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.

Eminent domain
The government's right 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 finished raising their families and want to move into a smaller home.

Encroachment
Fences or other structures that extend into the property of another owner.

Encumbrance
Any right or interest in property interfering with its use or transfer.

End loan
The conversion from a construction loan to permanent financing.

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.

Entitlement
The VA home loan benefit is called an entitlement and often referred to as eligibility.

Environmental impact statement
A government ordered 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 (ECOA)
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.

Equalization
A mass appraisal or reappraisal of all property within a jurisdiction for the purpose of equalizing values to assure that each taxpayer is bearing a fair share of the tax load.

Equifax
One of the main credit-reporting bureaus.  Visit www.equifax.com

Equity
The value of a property after existing liens are deducted.

Errors and omissions insurance
A policy that insures against mistakes made by a builder or architect.

Escheat
A situation where the ownership of property reverts to the state when the owner dies without leaving a will.

Escrow
A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met before any disbursement of funds or articles.

Escrow account
An account that a mortgage lender or mortgage servicing company establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes.  Also commonly referred to as an impound account.

Escrow agent
A neutral third party who ensures that all conditions of a real estate transaction are met before any transfer of funds or property is recorded.

Escrow analysis
A periodic examination of an escrow account by mortgage lenders 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
A firm that acts as a neutral third party to ensure that all conditions established by the buyer, seller and lender in a real estate transaction are met.

Escrow Disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance and other property expenses as they become due.

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.

Estimated closing costs
An estimate of expenses related to the sale of real estate including title and appraisal fees.

Estimated hazard insurance
An estimate of hazard insurance, also known as homeowners insurance, to cover physical risks such as fire and wind damage.

Estimated property taxes
An estimate of property taxes payable on the property according to state and county tax rates.  The amount due is based on the property's assessed value which is based on the most recent sale price plus any assessment updates.

Estoppel
Agency situation in which one party incorrectly states that another person is the agent and a third person relies on that representation.

European style
A cabinetry term referring to a style of cabinet without a face frame.  Also known as box cabinets.

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 a foundation is laid.

Exceptional depreciation
Describes damages to a building that are not the result of normal wear and tear.

Exclusive agency
An agreement to employ a particular broker.  If another broker makes the sale, both agents are entitled to commissions.

Exclusive Buyers Agent (EBA)
An agent, company or franchise working exclusively for buyers as a fiduciary agent.  These agents do not represent sellers or list properties for sale.

Exclusive listing
A contract that gives an agent the exclusive right to market a property for a specific period of time.

Executed contract
A contract in which all parties have fulfilled their promises.

Executor
A person appointed to carry out the instructions in a will.  If no executor is named in the will, a probate court will appoint an executor.

Exemption
The removal of property from the tax base.  An exemption may be partial or complete.

Exfiltration
Air leakage from a building's interior to the environment.

Experian
Experian is one of the main credit reporting bureaus.  Visit www.experian.com