Terms starting with the letter E

Easement
A right or interest in the real property of another.  The right to use another's land for a specific purpose, as a right of way.

Economic Life
The period of time over which a property may be profitably used.  It is reduced to a percent in the capitalization process.  Example: 100% divided by 50 years equals 2% anticipated depreciation per year.

Effective interest rate
The effective interest rate is the mortgage cost on a yearly basis expressed as a percentage includes  charges paid when closing the loan including compounded interest. Higher closing costs or more frequent compounding result in a higher effective interest rate.

Effective Interest Rate - see:  Annual Percentage Rate 

Eminent Domain
The right of a government to take private property for public use upon the payment of just compensation.  The legal proceeding by which the government exercises this right is called "condemnation proceedings".

Encroachment
The illegal intrusion of a structure, part of a building, or obstruction over or upon a highway, sidewalk or the property of another.

Encumbrance
A claim, lien, charge, or liability attached to and binding upon real property, such as a judgment, mortgage, mechanics' lien, lien for unpaid taxes, right of way.

Endorsement
Writing one's name, either with or without additional words, on a negotiable instrument or on an attachment thereto.

Equal Credit Opportunity Act (ECOA)
Federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

Equifax Credit Services
A credit reporting agency that provides a detailed report itemizing an individual's credit history and current credit status.

Equity
In real estate, the interest or value of the real estate over and above the amount of the indebtedness thereon.

Equity Loan
A loan based on the borrower's equity in his or her home.

Equity of Redemption - See Redemption

Escrow
In real estate, it is the state or condition of a deed which is conditionally held by a third party, called the escrow agent, pending the performance or fulfillment of some act or condition.

Escrow Account
Any identified checking, demand, passbook or statement account insured by an agency of the United States government maintained in a Colorado Depository for money that belongs to others.

Escrow Agreement
A written agreement between two or more parties whereby the grantor, promisor or obligor delivers certain instruments or property into the hands of a third party, the escrow agent, to be held by said third party until the happening of a contingency or performance of a condition, and then to be delivered to the grantee, promisee or obligee.

Escrow Overage or shortage
The difference, determined by escrow analysis, between escrow funds on deposit and escrow funds required, to make a payment when it becomes due.

Estate
In real estate, it refers to the degree, quantity, nature and extent of interest which a person has in real property; such as a fee simple absolute estate, an estate for years.

Estate at Sufferance
An estate in land arising when the tenant wrongfully holds over after the expiration of the tenant's term; the landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the conditions of the tenant's previous holding; often called a tenancy at sufferance.

Estate at Will
An interest in land terminable at the will of either the tenant or landlord; often called a tenancy at will.

Estate for Years
An interest in land for a fixed period of time, whether for a day or 99 years; often called a tenancy for years.

Estate from Period to Period
An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month or year; often called a periodic tenancy.

Estimated Property Value
The Purchase Price or Current Market value of a specific property.

Et al
Abbreviation for et allus, meaning "and another".

Et ux
Abbreviation for et uxor, meaning "and wife".

Eviction
Dispossession by process of law; the act of depriving a person of the possession of lands, in pursuance of the judgment of a court.

Exclusive Agency Listing
A listing whereby the owner appoints one real estate broker as sole agent for a specified period of time.  The owner may sell the property to a buyer which the owner finds without paying the broker a commission.

Exclusive Right to Sell Listing
A listing whereby the owner appoints one real estate broker as sole and exclusive broker for a specified period of time.  No matter who sells the property, including the owner , personally, the broker is entitled to a commission.

Execution
A writ issued by a court to the sheriff directing him to seize and sell property to satisfy a debt.

Executor
The person named in a will to carry out its provisions.