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Easement [back to top]
The right acquired for access over another person's land for a specific purpose, e.g that to build a driveway, fence, wall, or public utilities.
Economic Depreciation [back to top]
Loss in value of property due to influences related to the property or those not controlled by the owner.
Effective Gross Income [back to top]
The estimated gross income minus allowances for rent and vacancies losses.
Effective Interest Rate [back to top]
The actual interest rate on investment where a debt or loan was bought at discount or at a premium.
Encroachment [back to top]
Some type of fixture, e.g. wall or fence, which illegally intrudes onto or invades on public or private property diminishing the size and value of the invaded property.
Encumbrance [back to top]
The outstanding claim or lien recorded against property, or any legal right for use of the property by another person who is not the owner.
End Loan [back to top]
The mortgage loan to the final customer such as a purchaser of a condominium unit.
Equitable Mortgage [back to top]
The transfer of equity in property as security for a debt; any mortgage registered after the first mortgage can be an equitable mortgage business.
Equity [back to top]
The difference between the value for which one can sell their property and what is owed against it.
Equity of Redemption [back to top]
The right whereby a mortgagor may reclaim clear title to the real property upon full repayment of the debt.
Escheat [back to top]
The reversion of property to the state in event the owner dies and has left no will and having no legally qualified heir(s) to whom the property may pass by lawful decree.
Estate [back to top]
The degree, extent, nature or quantity of interest which a person has in real property.
Estoppel Certificate [back to top]
A written statement or certificate which states certain facts upon which the receiver of the statement or a third party may rely. For example, a lender's estoppel statement as to a purchaser or property: this states that a lender cannot later deny the truth of these statements because a third party has relied and acted upon them.
Exact Day Interest [back to top]
Interest calculated on the basis of 365 days per year or by 366 days when it is a leap year.
Exculpatory Clause [back to top]
A clause which removes one party from personal liability in the event of a default.
Expropriation [back to top]
The act of forcefully taking private property for public use.
Extension Agreement [back to top]
The lengthening of a term on a contract to (1) extend the maturity date, (2) permit more time for the performance of an obligation or condition, or (3) extend the coverage of a lien to include more property.