Earnest Money

Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment.

Easement

A right created by grant, reservation, agreement, prescription or necessary implication which one has in land owned by another.

Eminent Domain

A government right to acquire private property for public use by condemnation and the payment of just compensation.

Encroachment

Unauthorized intrusion of a building or improvement such as a wall, fence, etc. onto another's land.

Encumbrance

A claim, line charge, attached to and binding real property.

Entitlement

The VA home loan benefit is called entitlement. Entitlement for a VA guaranteed home loan. This is also known as eligibility.

Equity

The difference between the market value of the property and the homeowner's mortgage debt.

Escrow

Escrows include funds given to a third party to be held until a specific occurrence; may refer to earnest money deposit; can also include a lender collecting and paying the taxes and insurance on behalf of the borrower.

Escrow Payment

That portion of a mortgagor's monthly payment held in trust by the lender to pay for taxes, mortgage insurance, hazard insurance, lease payments and other items as they become due. Also known as "impounds" in some state.

Escrow Reimbursement

The buyer reimburses the seller for the current balance of his escrow (or impounded) funds.

Estimated Closing Costs Statement

The statement which lists the financial settlement between buyer and seller and the costs each must pay. A separate statement for buyer and seller is sometimes prepared.

Exclusive Agency

Listing agreement in which only the listing office may sell the property and earn the commission. If the owner sells the house, the listing office would not receive any commission.

Exclusive Right-to-Sell

Listing agreement under which the owner promises to pay a commission if the property is sold during the listing period by anyone, even the owner.