EARNEST MONEY DEPOSIT:
A sum of money paid by a potential purchaser as proof of her intention to
complete the purchase transaction. Held in trust, usually by the Listing
Agent, and credited to Purchaser off purchase price. May be forfeited if
Purchaser fails to complete transaction.
EASEMENT:
The right of the owner of one parcel of land to use all or part of the
land of another for a specific purpose. Runs with the land. Requires one
property to be in dominant position (enjoys the benefit of the easement)
and one property to be in servient position (is subject to the right).
EASEMENT BY NECESSITY:
A land owner's right to make use of the property of another (or a portion
of it) for a specific purpose, when such use is required to allow the land
owner to enjoy his own land.
EASEMENT BY PRESCRIPTION:
The continuing, unchallenged use of all or part of a property by the owner
of a neighboring or nearby property for a specific period of time (20
years in many jurisdictions) such that, by law, the using owner gains a
legal right to continue that use.
EASTLAKE HOUSE:
A house which is remarkable for its three-dimensional ornamentation
following a nineteenth-century style.
ECONOMIC BASE:
The commercial or industrial foundation of a community which provides
opportunities for employment.
ECONOMIC DEPRECIATION:
The decline in value of a property which is caused by reasons outside of
the property itself. We sell town homes in Boise.
ECONOMIC LIFE:
The length of time an improvement to real estate can be expected to
provide more value than its operating or upkeep costs.
EFFECTIVE AGE:
An appraisal term for the age of improvements to a property based on an
assessment of their current condition (i.e. a well-maintained 100-year-old
house could have an effective age of 10 years while a ramshackle,
unmaintained 20-year-old house could have an effective age of 50 years).
Opposite of "actual age".
Townhomes in
Boise
EFFECTIVE GROSS INCOME:
1. For borrowers, the actual amount of money earned from stable sources
over a set period (i.e. a month) before taxes and expenses are deducted.
2. For rental properties, the amount of income the property will produce
if leased at market value before costs, taxes, upkeep and discounts for
vacancy are deducted.
EFFECTIVE RATE:
The actual rate (or interest or return) once all factors are accounted for
(factors include compounding of interest or costs of earning the return).
EFFICIENCY RATIO:
A comparison of the space in a building available for lease to the total
space of the building.
EFFICIENCY UNIT OR APARTMENT:
A term for a small dwelling unit in which kitchen and sometimes bath areas
are combined with the living area. Also known as "bachelor apartment" or
"studio apartment". We have town homes for sale in Boise,
call us today.
EGRESS:
Means of exit from a room, building or property (often to a road).
EJECTMENT:
Legal proceeding to evict a tenant without a lease.
ELIZABETHAN OR HALF TIMBER STYLE:
A two-storey or two-and-a-half storey, English-style house which has the
upper storey overhanging the first, often with stone and stucco walls and
half-timber beams.
Town homes in
Boise
EMINENT DOMAIN:
The right of a body of government (often a state) to expropriate private
property, while paying appropriate compensation to the owner.
EMPTY NESTERS:
Middle-aged or older couples whose children have grown up and "left the
nest" to live on their own. Often looking to sell a larger house and buy a
smaller one.
ENCROACHMENT:
The intrusion across the property line and into one property of an
improvement to a neighboring property. May result in a claim for adverse
possession if the encroachment is unchallenged for a long period of time.
We have real estate for sale in Boise.
ENCUMBRANCE:
Any right, interest or other claim against land which is registered on
title and affects the owner's ability to sell the property.
ENDORSER:
The person who signs a document to represent the transfer of property to
another.
ENERGY EFFICIENT:
A description of a property which has special features aimed at reducing
use of electrical or heating power (i.e. insulation, double-insulated
windows, high-efficiency furnace, etc.).
ENERGY TAX CREDITS:
A tax break given to property owners who took steps to save energy in
their property such as installing insulation.
ENTITLEMENT:
1. The legal right to a benefit or program.
2. Name for the VA home loan benefit.
ENVIRONMENTAL IMPACT STATEMENT (EIS):
A report on the anticipated effect of a development on the local
environment. May be required for federal funding for the development.
Town homes in
Boise
ENVIRONMENTAL PROTECTION AGENCY
(EPA):
U.S. government agency for the protection of the environment.
EQUAL CREDIT OPPORTUNITY ACT:
U.S. federal law aimed at affording people of all races, genders,
religions, ages etc. an equal chance to borrow money. Call today for
townhomes for sale in Boise.
EQUALIZATION BOARD:
Agency with a mandate to ensure fairness in property tax assessments.
EQUITABLE CONVERSION:
A common law doctrine which treats a Vendor under an Agreement for the
sale of property as holding the property in trust for the Purchaser even
before the transaction has been completed such that the Vendor is liable
to the Purchaser for any damage negligently caused to the property.
EQUITABLE TITLE:
The common law interest of the Purchaser in the property for which she has
entered an Agreement to Purchase prior to the completion of the
transaction.
EQUITY:
The difference, in dollars, between the market value of a property and the
principal owing on debts secured against the property. The amount of money
the owner will be able to keep from a sale transaction once the mortgages
are paid out. Also known as "owner's interest".
EQUITY BUILDUP:
The increase over time of the owner's interest in a property, the
difference between the value of the property and the amount owed on the
mortgage.
Town homes in
Boise
EQUITY LOAN:
A loan to a home owner secured against the equity the owner enjoys in the
property.
EQUITY OF REDEMPTION:
The right a borrower has to pay out in full a mortgage against a property
that has gone into foreclosure or power of sale proceedings, thus
redeeming the property. Call today for town homes for sale in Boise.
EROSION:
The gradual diminishing of land or soil as a result of the action of
water, wind, rain, etc.
ERRORS AND OMISSIONS INSURANCE:
Professional protection from liability for mistakes, negligence, etc.
ESCALATOR CLAUSE:
Part of a net lease. A provision that increases the rent payable under a
lease when certain costs of the building increase (i.e. taxes, utility
charges, etc.).
ESCAPE CLAUSE:
Any provision in a contract that allows one or more parties to end the
contract upon the occurrence of certain events.
ESCHEAT:
The reversion of title to a property to the state. Can occur when an owner
dies with no legal heirs or when a corporate owner is dissolved by act of
law or by voluntary act while holding legal title to the property.
ESCROW:
A state wherein consideration, benefits, legal rights, money, documents or
other valuables are transferred to another party in advance of that
party's legal entitlement to them, on the basis that the legal entitlement
will arise at a given point in the future. A form of trust.
ESCROW
ACCOUNT:
A form of trust account in which advance payments are held on behalf
of the payor until the contract allows their use by the payee or a third
party.
ESCROW AGENT:
Any independent third party who receives items to be held in escrow, holds
such items until transfer is allowed, and then delivers them.
Town homes in
Boise
ESCROW CLOSING:
The completion of a transaction whereby documents, consideration etc. are
held in trust (either by the parties and their representatives or by an
independent third party) pending the completion of certain conditions, at
which time the items held in escrow are released and the transaction is
completed. We sell town homes in Boise, call us today.
ESCROW COLLECTIONS:
Moneys taken in by the agent and set aside for future payments as required
by the contract (i.e., in a mortgage situation, for taxes, insurance, etc.
on the property). Also known as "escrow deposits", "impounds" or
"reserves".
ESCROW DEPOSIT:
Similar to "escrow collections", the deposit of funds for the purpose of
future payments required under the contract.
ESCROW DISBURSEMENTS:
The payment out of escrow funds of taxes, insurance, etc. as required by
the contract. Also known as "escrow payments".
ESCROW REIMBURSEMENT:
The return to the borrower of left over funds held in escrow once the debt
has been paid out.
ESTATE:
1. The nature and extent of a person's interest in real property.
2. The term used to described the collection of assets of a deceased
person.
ESTATE AT SUFFERANCE:
The continued occupation of a premises by a tenant after the lease has
expired or after the landlord has taken legal and appropriate steps to
remove the tenant.
ESTATE AT WILL:
The occupation of a premises by a tenant for an undefined period, which
either party may terminate at will.
ESTATE FOR LIFE:
Also known as "Life Estate". A legal interest in property which ends with
the death of the person who is entitled to the interest.
ESTATE FOR YEARS:
Entitlement to land which allows a person to occupy, use and enjoy the
land for a specified period of time.
Town homes in
Boise
ESTATE IN REVERSION:
The right of an owner to re-occupy land once the estate he has granted to
another person (such as an estate for years or an estate for life) has
come to an end. Call for town homes for sale in Boise.
ESTATE TAX:
A government levy against the property in the estate of a deceased person,
payable out of the estate.
ESTOPPEL:
A legal doctrine which blocks a person from taking a position on any fact
which is contrary to a position that same person previously took on that
same fact. Also blocks a party from re-opening an issue that has
previously been decided by a court.
ESTOPPEL CERTIFICATE:
A document issued by an interested party setting out certain facts to
which the issuer agrees to be bound. May be issued by a Condominium
Corporation (setting out the common element fees for a particular unit,
the amount in the corporation's reserve account, any special assessments
against unit owners, etc.), by a mortgagor or mortgagee (setting out the
terms, conditions, interest rate and principal outstanding) or by a tenant
in a building to be purchased (setting out amount of rent, the amount of
any rental deposit, etc.).
ET AL:
Latin meaning "and others".
ET CON:
Latin meaning "and husband".
ET UX:
Latin meaning "and wife".
EVALUATION:
An analysis of a property regarding its potential uses rather than its
current value.
EVICTION:
The forced removal of a tenant from occupation of a property. Also known
as "Actual eviction". See also "constructive eviction".
EVIDENCE OF TITLE:
Instruments or documents that provide any proof or information regarding
ownership of land.
Townhomes in
Boise
EXAMINATION OF TITLE:
Similar to a subsearch: a review of the current title to a property for
the purposes of establishing current apparent owners and encumbrances.
EXCEPTION:
An exclusion from coverage in a policy of insurance, usually referring to
a known risk or defect for which the insurer assumes no responsibility.
Call today for townhomes for sale in Boise.
EXCLUSIVE AGENCY LISTING:
A contract whereby the owner of a property grants a single agent or broker
the right to market the property for sale.
EXCULPATORY CLAUSE:
The term of a mortgage giving the borrower the right simply to surrender
the property to the lender as payment for the loan without personal
liability to the borrower for any shortfall.
EXECUTED CONTRACT:
1. A contract which has been completely carried out by the parties.
2. A contract which has been signed by the parties.
EXECUTION:
1. The act of signing a legal document.
2. A writ filed with a Sheriff of a jurisdiction evidencing a legal claim
against the person named in the Writ. May attach to real property owned by
the person named in the writ.
EXECUTOR:
The person or people appointed in a will to give effect to the wishes of
the testator (the maker of the will) as set out in the will. A female
executor may be called "Executrix".
Townhomes in
Boise
EXECUTORY CONTRACT:
A contract which has not yet been completely fulfilled by one or more of
the parties.
EXPENSE RATIO:
A comparison of the costs of owning and operating something to its
potential gross income.
EXPOSURE (MARKET):
A term used to describe the presence, through advertising, of a property
that is for sale in the marketplace.
EXTENSION:
The postponement of the completion date of an Agreement, agreed to by the
parties to the Agreement.
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