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earnest
money deposit |
An
amount of money deposited by a buyer under the terms of a contract,
which is to be forfeited if the buyer defaults, but applied on the
purchase price if the sale is closed.
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easement |
A
right to use the land of another for a specific purpose, such as for a
right-of-way or utilities; an incorporeal interest in land. An
easement appurtenant passes with the land when conveyed.
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easement
by necessity |
An
easement allowed by law as necessary for the full enjoyment of a parcel
of real estate; for example, a right of ingress and egress over a
grantor’s land.
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easement
by prescription |
An
easement acquired by continuous, open, unintei~upted, exclusive, and
adverse use of the property for the period of time prescribed by state
law.
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easement
in gross |
An
easement that is not created for the benefit of any land owned by
the owner of the easement but which attaches personally to the
easement owner. For example, a right to an easement granted by
Eleanor Franks to Joe Fish to use a portion of her property for the rest
of his life would be an easement in gross.
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eminent
domain |
The
right of a government or municipal quasi-public body to acquire property
for public use through a court action called condemnation, in
which the court determines that the use is a public use and determines
the price or compensation to be paid to the owner.
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employee
status |
One
who works as a direct employee of an employer. The employer is obligated
to withhold income taxes and social security taxes from the compensation
of his or her employees. (See also INDEPENDENT CONTRACTOR.)
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employment
contract |
A document evidencing formal employment between employer and employee or
between principal and agent. In the real estate business this generally
takes the form of a listing agreement or management agreement.
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encroachment |
A building or some portion of it—a wall or fence—that extends beyond the
land of the owner and illegally intrudes upon some land of an adjoining
owner or a street or alley.
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encumbrance |
Any lien—such as a mortgage, tax, or judgment lien, an easement, a
restriction on the use of the land, or an outstanding dower right—that
may diminish the value of the property.
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equalization |
The raising or lowering of assessed values for tax purposes in a
particular county or taxing district to make them equal to assessments
in other counties or districts.
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equitable
title |
The
interest held by a vendee under a contract for deed or an installment
contract; the equitable right to obtain absolute ownership to property
when legal title is held in another’s name.
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equity
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The interest or value which an owner has in his or her property over and
above any mortgage indebtedness. |
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erosion |
The
gradual wearing away of land. by water, wind, and general weather
conditions; the diminishing of property caused by the elements. |
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escheat |
The reversion of
property to the state or county, as provided by state law, in cases
where a decedent dies intestate and there are no heirs capable of
inheriting or when the property is abandoned |
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escrow |
The
closing of a transaction through a third party called an escrow
agent, or escrowee, who receives certain funds and documents
to be delivered upon the performance of certain conditions outlined in
the escrow agreement.
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estate for
years |
An
interest for a certain, exact period of time in property leased for a
specified consideration.
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estate in
land |
The
degree, quantity, nature, and extent of interest that a person has in
real property. eviction A legal process to oust a person from possession
of real estate.
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evidence
of title |
Proof
of ownership of property, which is commonly a certificate of title, a
title insurance policy, an abstract of title with lawyer’s opinion, or a
Torrens registration certificate.
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exchange |
A
transaction in which all or part of the consideration for the purchase
of real property is the transfer of like kind property (that is,
real estate for real estate).
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exclusive
agency listing |
A
listing contract under which the owner appoints a real estate broker as
his or her exclusive agent for a designated period of time to sell the
property on the owner’s stated terms for a commission. However, the
owner reserves the right to sell without paying anyone a commission by
selling to a prospect who has not been introduced or claimed by the
broker.
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exclusive
right to sell |
A listing contract under which the owner appoints a real estate broker
as his or her exclusive agent for a designated period of time to sell
the property on the owner’s stated terms and agrees to pay the broker a
commission when the property is sold, whether by the broker, the owner,
or another broker.
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executed
contract |
A
contract in which all parties have fulfilled their promises and thus
performed the contract.
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execution
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The
signing and delivery of an instrument. Also, a legal order directing an
official to enforce a judgment against the property of a debtor. |
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executory
contract |
A
contract under which something remains to be done by one or more of the
parties.
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expenses |
Short-term
costs that are deducted from an investment property’s income, such as
minor repairs, regular maintenance, and renting costs.
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expressed
contract |
An
oral or written contract in which the parties state its terms and
express their intentions in words.
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