back to REAL ESTATE DICTIONARY
- Earnest Money (EM) — the initial money deposited in Escrow upon signing of the Purchase and Sale agreement to show that the Buyer is serious about buying the house. If the sale closes, the earnest money is applied to down payment. If the sale does not go through, the earnest money might not be refundable to the buyer.
- Easement –– a right-of-way to a person/company to access the owner’s land. Most utility companies have easements across private property.
- Electronic Signatures — see Authentisign
- EM – see Earnest Money (EM).
- Encroachment –– a part of structure, building, fence that intrudes beyond legal boundary onto a neighboring property.
- Equity — Home equity is the difference between your property’s market value and the balance of your mortgage. Essentially, it represents the portion of your property that you truly own. The acquisition of home equity begins with the initial down payment made when purchasing the property, and it gradually increases with each mortgage payment. If you have accumulated equity in your home, you have the option to leverage it by borrowing money against it, for more info see Home Equity Line of Credit (HELOC).
- Escrow Agent or Closing Agent – an escrow agent is a person or entity that holds property in trust for third parties while a transaction is finalized or a disagreement is resolved. An escrow agent essentially serves as a neutral middleman in the context of an escrow agreement.
- Escrow Account – is an account separate from the mortgage account, where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance.
- Excise Tax – see Real Estate Excise Tax (REET).
- Expired Listing – the property listed with the agent expired and is no longer Active (not for sale), usually because it didn’t sell.