FIND THE DEFINITION FOR ANY REAL ESTATE
TERM
Click on the letters above for terms beginning with that
letter, and then click on the term below.
Don’t see a term here?
Feel free to ask us. (Unfortunately, however, we cannot give you
real estate or legal advice.)
EARNEST-MONEY DEPOSIT
– Money paid by a buyer at the beginning of a sales contract,
to show good faith to a seller; that they definitely plan on
purchasing the house or other property. Would be applied towards downpayment and closing
costs if the sale goes through.
If the sale doesn’t go through and it’s not considered
to be the buyer’s fault, they would be entitled to the return
of the deposit. If it is the buyer’s fault, the deposit might
be forfeited.
EMINENT DOMAIN
– The right of the government to take a property for the public
good or for public usage, with fair compensation. The process through which the property is taken
is called CONDEMNATION.
EMPLOYEE –
Someone who is directly employed by a business, as opposed to
working solely by contract. The employer must withhold income taxes and social security from
the employee’s pay.
ENCROACHMENT
– An improvement that illegally extends beyond the land of its
owner. Also a five-yard
penalty.
ENCUMBRANCE
– A claim, charge or liability that attaches to real estate.
Something that could
lower the value of a property, and can be transferred with the
sale of the property or other transfer of ownership.
Examples include EASEMENTS, LIENS, ENCROACHMENTS and
DEED RESTRICTIONS.
ESTATE – 1.
An interest in real property. The type of estate determines the degree, quantity,
nature and extent of interest.
2. The property left by a deceased party.
EXECUTOR –
The person named in the will to carry out the instructions of
a deceased person. A
woman may be referred to as an EXECUTRIX.
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