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Glossary terms starting with the Letter E

Executed Contract
A contract in which both parties have completely performed their contractual obligations.

Executory Contract
A contract in which one or both parties have not yet completed performance of their obligations

Express Contract
A contract that has been put into words, either spoken or written.

earnest money deposit</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

easement</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A right of way giving persons other than the owner access to or over a property. A right to use some part of another person’s real property for a particular purpose; unlike a license, an easement is irrevocable and creates an interest in the property

Effective age</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
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.

Eminent domain</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
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</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
An improvement that intrudes illegally on another's property, usually due to a mistake regarding the boundary.

Encumbrance</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A nonpossessory interest in property that affects or limits the fee simple title to the property, such as mortgages, leases, easements, or restrictions.

Equal Credit Opportunity Act (ECOA)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,
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</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

Escrow</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Escrow account</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
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</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
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</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due

Estate</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
1) The ownership interest of an individual in real property. 2) The sum total of all the real property and personal property owned by an individual at time of death.

Eviction</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
The lawful expulsion of an occupant from real property.

Examination of title</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
The report on the title of a property from the public records or an abstract of the title.

Exclusive Right to Sell listing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397p
A written contract that gives a licensed real estate broker the exclusive right to sell a property for a specified time. Entitles the broker to commission if anyone including the seller finds a buyer for the property during the listing term.

Exclusive Agency listing </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</
A listing agreement that entitles the broker to a commission if anyone other than the seller finds a buyer for the property during the listing terms

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.

Eave</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
The horizontal edge at the low side of a sloping roof.

Edge bead</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A strip of metal or plastic used to make a neat, durable edge where plaster or gypsum board abuts another material.

Efflorescence</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A powdery depost on the face of a structure of masonry or concrete, caused by the leaching of chemical salts by water migrating from within the structural to the surface.

EIFS</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
See exterior insulation and finish system.

Elastic</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Able to return to its original size and shape after removal of stress.

Elastomeric</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla

Electrode</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A consumable steel wire or rod used to maintain an arc and furnish additional weld metal in electric arc welding.

Elevation</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A drawing that views a building from any of its sides; a vertical height above a reference point such as sea level.

Elongation</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
Stretching under load; growing longer because of temperature expansion.

Enamel</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
A glossy or semigloss paint.

End dam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
The turned-up end of a flashing that prevents water from running out the end; a block inserted into a space within a horizontal aluminum mullion for the same purpose.

End nail</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A nail driven through the side of one piece of lumber and into the end of another.

Engineered fill</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
Earth compacted into place in such a way that is has predictable physical properties, based on laboratory tests and specified, supervised installation procedures.

English bond</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
Brickwork laid with alternating courses each consisting entirely of headers or stretchers.

EPDM</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
Ethylene propylene diene monomer, a synthetic rubber material used in roofing membranes.

Erector</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
The subcontractor who raises, connects, and plumbs up a building frame from fabricated steel or precast concrete components.

Expanded metal lath</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style>
A thin sheet of metal that has been slit and stretched to transform it into a mesh used as a base for the installation of plaster.

Expansion joint</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A surface divider joint that provides space for the surface to expand. In common usage, a building separation joint.

Exposed aggregate finish</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</s
A concrete surface in which the coarse aggregate is revealed.

Exposed grid</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A framework for an accoustical ceiling that is visible from below after the ceiling is completed.

Extended life admixture</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</st
A substance that retards the set of mortar so it may be used over a protracted period of time after mixing.

Exterior insulation and finish system (EIFS)</title><style>.adv5{position:absolute;clip:rect(397px,a
A cladding system that consists of a thin layer of reinforced stucco applied directly to the surface of an insulating plastic foam board.

Extrados</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
The convex surface of an arch.

Extrusion</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
The process of squeezing a material through a shaped orifice to produce a linear element with the desired cross section; an element produced by this process.

land development glossary