Glossary of Terms

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Most terms and definitions have been provided by:

http://realestateglossary.internetcrusade.com
EASEMENT
A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.
EASEMENT IN GROSS
The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.
EMINENT DOMAIN
The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.
ENCROACHMENT
An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property.
ENCUMBRANCE
Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.
EQUITY
That interest or value remaining in property after payment of all liens or other charges on the property. A owner's equity is normally the monetary interest over and above the mortgage indebtedness.
ESCHEAT
The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.
ESCROW
The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).
ESTOPPEL
A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.
EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.
EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.
EXECUTOR
A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.
EXECUTORY CONTRACT
A contract in which one or both of the parties has not yet performed.
EXTENSION
An agreement to continue the period of performance beyond the specified period.