Earnest Money Deposit
A deposit made by a potential home buyer to show serious to buy the property.

Easement
A right of way giving people other than the owner access to or through a property.

Eighty Percent Rule(or Co-Insurance Rule)
Requires your home to be insured for at least 80% of the full replacement cost at the time it is damaged or destroyed, if you want to collect the full replacement cost.

 

Eminent Domain
The right of a government body to take private property for public use or the public good.

Encroachment
An improvement that illegally intrudes on another’s property boundaries.

Equal Credit Opportunity Act (ECOA)
A federal law requiring 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.

Equity
The difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

Escrow
Money or documents deposited with a third party to be delivered upon the fulfillment of a specific condition by a specific date.Escrow account
An account where the lender pays your taxes and insurance with your money instead of you paying them yourself.

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

Examination of Title
A report on the title of a property from the public records or an abstract of the title.

Exclusive Listing
A written contract giving a licensed real estate broker the exclusive right to sell a property for a specified time.