Earnest Money - Initial payment made by a purchaser of real estate as evidence of good faith.

Easement - A right, privilege or interest which one party has in the land of another.

Easement Appurtenant - An easement that is attached to and runs with the land, it cannot exist apart from the particular land to which it is attached.

Easement In Gross - An easement which encumbers the land, and is usually given to a quasi-public corporation, such as the electric or phone company.

Easement By Prescription - A method of acquiring a right to a portion of property by lapse of time, in the manner of adverse possession.

Economic Life - The period of time over which a property may he profitably used.

Economic Obsolescence - See Obsolescence, referred to as External Obsolescence.

Ejectment - A form of action to regain possession of real property, with damages for the unlawful retention; generally used when there is no landlord/tenant relationship.

Emblements - Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after his tenancy has ended.

Eminent Domain - The right of a government to take private property for public use upon the payment of just compensation.

Encroachment - A building or fixture which intrudes partly or wholly upon the property of another.

Encumbrance - A claim, lien, charge or liability attached to and binding upon real property which affects or limits the title or use thereof. e.g., mortgage, lien, easement.

Endorsement - The placing of one’s signature on a document, to make it negotiable or transferable.

EquitableTitle - Title of a purchaser under a contract of sale, or agreement of sale.

Equity - The interest or value which an owner has in real estate over and above the debts against it. e.g., you buy a house for $80,000 with $20,000 cash plus a $60,000 mortgage. The house later appreciates to $100,000 so your equity Is now at least $40,000. Branch of remedial justice by and through which relief is afforded to parties in courts of equity.

EquityOf Redemption - The right of an owner to reclaim property before it is sold through foreclosure proceedings by payment of the debt, interest and cost.

Erosion - The gradual wearing away of land due to natural causes of wind and water.

EscalationClause - A clause in a contract permitting an adjustment of certain payments up or down to cover certain contingencies; mostly found in agreements of sale, mortgages and leases.

Escheat - The reverting of property to the state when heirs capable of inheriting are lacking; or the property is abandoned.

Escrow - The deposit of instruments and funds with instructions to a third neutral party to carry out the provisions of an agreement or contract.

EscrowHolder - The one who receives a deed or other item from a grantor to he delivered to the grantee upon the performance of a condition or the occurrence of a contingency.

Estate - The degree, quantity, nature, and extent of interest a person has in real property.

EstateFor Years - A lease; an interest in land by virtue of a contract for the possession for a definite and limited period of time.

Estoppel - A doctrine which bars one from asserting rights which are inconsistent with a previous position or representation. e.g. the seller of an apartment building may ask the tenants to sign lease estoppel agreements stating the amount of rent and security deposits.

EstoppelCertificate - See Certificate Of No Defense.

Et Al - Latin for “and others.”

Et Ux - Latin for “and wife.”

Eviction - A legal proceeding by a landlord to recover possession of leased premises from a tenant due to some breach of lease contract.

Exchange - A method of conveying real property by trading with another property.

ExchangeAgent - A person who operates an exchange program in time sharing projects.

ExclusiveAgency - A written instrument giving one agent the right to sell property for a specified time, hut reserving the right of the owner to sell the property himself without the payment of a commission.

ExclusiveRightToSell - A written agreement between owner and agent giving agent the right to collect a commission if the property is sold by anyone during the term of his agreement.

Execute - To complete, to perform, to make, to do, to follow out; to execute a deed, to make a deed, including especially signing; to execute a contract, to perform the contract, to follow out to the end, to complete.

ExecutedContract - A contract that is fully performed.

Executor - A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person; a personal representative.

ExecutoryContract - A contract not yet fully performed; e.g., DROA.

ExpressAuthority . Clearly stated duties of an agent as set forth by his principal.

ExternalObsolescence - Loss in value due to factors outside of the property (such as near airport).