Early occupancy |
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The condition in which buyers can occupy the property before the sale is completed. |
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Earnest money |
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Money a buyer gives with an offer to purchase a property. Also called a deposit. |
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Earthquake insurance |
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A policy that provides coverage against damage to a home from an earthquake. |
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Easement |
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A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains. |
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Eaves |
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The projecting overhang at the lower edge of a roof. |
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Effective age |
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The age of a structure estimated by its condition rather than its actual age. |
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Effective gross income |
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Additional income that a lender considers when assessing the loan application of a potential borrower. |
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Electric service panel |
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A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers. |
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Elevations |
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The exterior view of a home design that shows the position of the house relative to the grade of the land. |
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Ell |
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An extension or wing of a house that is at right angles to the main structure. |
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Eminent domain |
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The government's right to condemn private land for public use, such as the routing of a public highway. |
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Employer-assisted housing |
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Programs which help employees purchase homes through special plans developed with lenders. |
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Empty nesters |
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Potential buyers who have raised their families and want to move into a smaller home. |
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Encroachment |
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Fences or other structures that extend into the property of another owner. |
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Encumbrance |
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A claim or lien on a property which complicates the title process. |
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End loan |
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The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed. |
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Endorser |
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A person who signs over ownership of property to another party. |
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English Tudor style |
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An architectural design that features stone or brick exterior walls and exposed beams. |
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Environmental impact statement |
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A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site. |
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Environmentally friendly home construction |
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A method of construction that utilizes recycled materials. |
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Equal Credit Opportunity Act. |
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A 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. The law also prohibits a creditor from refusing to grant credit because the applica |
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Equifax |
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Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374. |
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Equity |
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A determination of the value of a property after existing liens are deducted. |
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Errors and omissions insurance |
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A policy that pays for any mistakes a builder or architect makes in a project. |
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Escrow |
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A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met.. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower |
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Escrow account |
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An account that a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account. |
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Escrow agent |
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A neutral third party who ensures that all conditions of a real estate transaction are met. |
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Escrow analysis |
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A lender's periodic examination of an escrow account 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. |
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Escrow closing |
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Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer. |
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Escrow company |
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Firms that act as neutral third parties to ensure that all conditions that the buyer, seller and lender establish in a real estate transaction are met. |
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Escrow payment |
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Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance. |
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Estate |
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The total assets of a person, including real property, at the time of death. |
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Eviction |
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A legal procedure to remove a tenant for reasons including failure to pay rent. |
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Examination of title |
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An inspection by a title company of public records and other documents to determine the chain of ownership of a property. |
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Excavation |
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The process of clearing trees, removing topsoil and grading land before the foundation is laid. |
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Exclusive listing |
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A contract that gives an agent the exclusive right to market a property for a specific period of time. |
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Executor |
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A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor. |
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Exhaust fan |
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Ventilating devices that remove water vapor, undesired smells or smoke. |
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Experian |
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Experian, formerly known as TRW Information Systems & Services, is one of the "Big Three" credit-reporting bureaus.. Address: 505 City Parkway West, Orange, CA 92868. |
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