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

Easement Rights - A right-of-way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-way across private property is a common example.

Effective Age - An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.

Elderly Applicant - As defined in the Equal Credit Opportunity Act, a person 62 or older.

Electronic Fund Transfer (EFT) Systems - A variety of systems and technologies for transferring funds electronically rather than by check.

Electronic Payment - A variety of systems and technologies for transferring funds electronically rather than by check.

Eminent Domain - The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.

Encroachment - An obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line.

Encumbrance - A legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it.

Equal Credit Opportunity Act (ECOA) - Is 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.

Equity - The difference between the fair market value and current indebtedness, also referred to as the owner's interest.

Equity and Fees - The difference between the Fair Market Value and current indebtedness, plus the Closing Cost Fees to close the loan.

Escrow - Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or 'closing.' Escrow may also refer to an account held by the lender into which the homebuyer pays money for tax or insurance payments.

Escrow Account - Once you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner's insurance when they come due. The lender pays them with your money instead of you paying them yourself.

Escrow Analysis - Once each year your lender will perform an 'escrow analysis' to make sure they are collecting the correct amount of money for the anticipated expenditures.

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

Estate - The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.

Eviction - The lawful expulsion of an occupant from real property.

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

Exclusive Listing - A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.

Executor - A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. 'Executrix' is the feminine form.