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Earnest money |
A deposit made of a portion of the purchase
price by the buyer to demonstrate his or her serious intent to purchase the
property, usually accompanied by an agreement outlining the terms and
conditions of the sale |
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Easement |
The permanent or temporary right to use the
property of another for a specific purpose -- e.g. for access over the
property, putting up utility lines, etc. |
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Egress |
The right to leave or exit over a piece of
property |
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Eminent domain |
The right of the government to take over private
property for public purposes upon payment of its fair market
value |
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Encroachment |
A physical, illegal intrusion onto another's
adjoining property; examples are a structure, driveway, fence |
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Encumbrance |
Any claim against the fee simple title to a
property, such as a lien, mortgage, or easement |
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Equal Credit Opportunity Act
(ECOA) |
A federal law that requires 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 |
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Equity |
The owner's financial interest in a property,
over and above any indebtedness for that property; or the difference between
the fair market value of the property, and the amount still owed on its
mortgage |
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Equity Sharing |
A form of joint ownership between an
owner/occupant and an owner/investor, whereby the owner/investor receives
depreciation deductions as his portion of interest in the property, and the
owner/occupant receives some of the tax write-offs for interest and taxes, as
well as part of his monthly payment being applied against his rent. If the
property were sold, the co-owners would also divide the profit |
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Escheat |
Property that reverts to state ownership when an
individual dies without a will and without heirs |
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Escrow |
A deed, contract, or something of value
deposited with a disinterested third party, to be delivered upon the
performance of certain conditions by the parties involved; e.g., an attorney or
escrow agent taking custody of funds and documents upon the closing of a sale
of real estate |
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Escrow account |
An account established by an escrow agent to
hold funds for the agent's principal until the consummation of the
transaction |
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Escrow instructions |
A document that outlines the duties of the
escrow agent and the obligations of the parties involved in an escrow
transaction |
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Escrow payment; also "impounds" or "reserves"
in some states |
The portion of a mortgagor's monthly payment
that is retained by the escrow agent to cover the costs of taxes, hazard or
mortgage insurance, lease payments, and other costs incurred in the course of
the transaction |
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Estate |
An individual's possessions and property,
relevant particularly at the time of death |
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Eviction |
The legally directed removal of an occupant from
real property |
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Exclusive listing, or Exclusive agency
listing, or Exclusive right-to-sell listing |
A written contract giving a licensed real estate
broker the exclusive right to sell a property for a designated period of time,
on terms stated by the owner, for a fee, while also reserving the owner's right
to sell the property himself, without paying anyone a
commission |
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Executor |
A person named in a will, or in the absence of
such designation, appointed by the probate court, to administer an estate and
carry out its terms |
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Extended Mortgage |
A mortgage in which the due date of payment is
extended, and is usually charged at a higher interest rate than the original
mortgage |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly... 
Accepting An Offer >Low Offers
In every real estate market, there are buyers who make offers that are far below the current market value of the property. How should you react if your agent brings you one of these "low ball" offers? Here are some scenarios for the seller.
If your home is priced very close to its fair market value, you can simply reject the offer and be reasonably confident that a better one will appear. However, if you have priced your home higher than other comparable homes in the neighborhood, the offer may not be unreasonable.
Ask your real estate agent for advice about the buyer's overall strategy. Do they really want your house or will they move on to another property if you make a counter offer? Can they afford to pay a higher price? Are there ways to close the gap with a small owner take-back, or with terms that will increase your bottom line? Take a hard look at your asking price and explore all your options before saying "no", especially if you are selling in a buyer's market.
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| Q |
Which city in the U.S. has the longest formal name, but the shortest abbreviated name?
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| A |
El Pueblo de Nuestra Senora la Reina de los Angeles de la Porciuncula is the full name for Los Angeles, known as "LA". |
 See More Real Estate Trivia > |
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NUMBER1EXPERT™
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All rights reserved. All information deemed reliable but not guaranteed. |
- NUMBER1EXPERT™ 
