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 | Athens, GA |
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| Visibility: | Unlimited
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Athens GA Condos | Abbreviations, Terms and Phrases
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- earnest money
- A deposit made by the buyer as evidence of good faith in offering
to purchase real estate and to secure performance of the contract.
Earnest money is typically held by a title company, in an escrow
account, during the period between acceptance of the contract
and the closing.
-
earnest money contract (EMC)
-
A contract for the sale or purchase of real
estate in which the purchaser is required to tender earnest money to evidence
good faith in completing the contractual obligations. Almost every sales
contract for real estate in Texas will be an earnest money contract. Also
see sales contract and promulgated
contracts.
-
easement
-
A right to use another person's real estate
for a specific purpose. The most common type of easement is the right to
travel over another person's land, known as a right of way. In addition,
property owners commonly grant easements for the placement of utility poles,
utility trenches, water lines or sewer lines. The owner of property that
is subject to an easement is said to be "burdened" with the easement, because
he or she is not allowed to interfere with its use. For example, if the
deed to John's property permits Sue to travel across John's main road to
reach her own home, John cannot do anything to block the road. On the other
hand, Sue cannot do anything that exceeds the scope of her easement, such
as widening the roadway.
-
easement by prescription
-
A right to use property, acquired by a long
tradition of open and obvious use. For example, if hikers have been using
a trail through your backyard for ten years and you've never complained,
they probably have an easement by prescription through your yard to the
trail.
-
economic obsolescence
-
Loss of value of real property due to external
forces or events; eg., a sewer plant is built next door to the subject
property. Contrast with
Functional Obsolescence.
-
effective interest rate
-
The cost of credit on a yearly basis expressed
as a percentage. Includes up-front costs paid to obtain the loan, and is,
therefore, usually a higher amount than the interest rate stipulated in
the mortgage note. Useful in comparing loan programs with different rates
and points.
-
-
effluxion of time
-
The normal expiration of a lease due to the
passage of time, rather than due to a specific event that might cause the
lease to end, such as destruction of the building.
-
egress
-
An exit, or the act of exiting. The most famous
use of this word was by P.T. Barnum, who put up a large sign in his circus
tent saying "This Way to the Egress." Thinking an egress was some
type of exotic bird, people eagerly went though the passage and found themselves
outside the circus tent. Compare ingress.
-
emblements
-
Annual crops produced by cultivation. They
are deemed to be personal property.
-
eminent domain
-
The right of government to take private property
for public use, through court action known as condemnation.
The Fifth Amendment to the United States Constitution allows the government
to take private property if the taking is for a public use and the owner
is "justly compensated" (usually, paid fair market value) for his or her
loss. A public use is virtually anything that is sanctioned by a federal
or state legislative body, but such uses may include roads, parks, reservoirs,
schools, hospitals or other public buildings. Sometimes called expropriation.
-
-
enclave community
-
Smaller in scope than master-planned communities,
enclave communities typically blend different price ranges of residential
neighborhoods with amenities such as public recreation areas and parks,
neighborhood schools and extensive landscaping. Recreation areas
may include public swimming pools, tennis courts, and children's play grounds.
Many offer large water features and gated access.
-
encroachment
-
A fixture, or structure, such as a wall or
fence, which invades a portion of a property belonging to another.
Solutions range from paying the rightful property owner for the use of
the property to the court-ordered removal of the structure.
-
encumbrance
-
A cloud against clear, free title to the property
which does not prevent conveyance, such as unpaid taxes, easements, deed
restrictions, mortgage loans, etc.
-
endorsement
-
Writing one's name, either with or without
additional words, on a negotiable instrument, or on a paper attached to
it.
-
Equal Credit Opportunity Act
-
The 1974 federal law (Title VII of the Consumer
Credit Protection Act) which requires fairness and impartiality without
discrimination on the basis of race, color, religion, national origin,
sex or marital status, or receipt of income from public assistance programs
in the extension of credit, and good faith exercises of any right under
the Consumer Credit Protection Act (eg. the creditor must state reasons
for denial of credit).
-
Equal Treatment/Different Impact
-
It is possible to be guilty of discrimination
even by treating two individuals the same. If the results of the treatment
are discriminatory, or tend to exclude or otherwise harm members of a minority
group, or have discriminatory impact, they are against the law. For example,
an apartment house which rents only to doctors and lawyers, where there
are few, if any, minority doctors or lawyers in the area, may be a violation
of the
Fair Housing Laws.
-
equity
-
The difference in dollars between a house's
value and the mortgage amount.
-
escalator clause
-
The clause in a contract permitting adjustments
of the payments.
-
escheat
-
The reversion of property to the state in
the event the owner thereof dies without leaving a will (intestate)
and has no heirs to whom the property may pass by lawful descent.
-
escrow
-
A trust arrangement by which none or more
parties deposit things of value with an authorized escrow agent in accordance
with the terms of a real estate agreement.
-
escrow account
-
(1) A third party account that holds
money safely while a sale is in progress.
-
(2) An account used to save monies
required for the payment of an eventual debt. Often used by lenders
to save for property taxes, hazard insurance, homeowner's dues, etc.
-
Escrow accounts are typically non-interest
bearing for the contributors, but may pay interest to the entity holding
the account (lenders, title companies, lawyers, etc.).
-
estimate of value
-
An appraisal; the appraised value.
-
et ux
-
Abbreviation for "et uxor", meaning "and wife".
-
eviction
-
Removal of a tenant from rental property by
a law enforcement officer. First, the landlord must file and win an eviction
lawsuit, also known as an "unlawful detainer."
-
exception
-
As used in the conveyance of real estate,
an exception is the exclusion of some part of the property conveyed, with
title of that excepted part remaining with the grantor. For example, in
most subdivision developments, mineral rights are not conveyed to the purchaser
of a lot, but remain the property of the developer. Contrast with Reservation.
-
exclusive agency (EA)
-
A listing agreement which gives the listing
agent the right to sell the property for a specified time. The owner reserves
the right to sell the property himself without paying a commission to the
agent. Brokers run the risk of investing their time, effort, and money
in a listing that, even if sold through their marketing efforts, does not
produce a commission. Contrast with Exclusive Right to Sell.
-
exclusive right to sell (ERS)
-
A listing agreement which gives the listing
agent the right to sell the property for a specified time, with the right
to collect a commission if the property is sold by anyone, including the
owner, during the listing period. Contrast with Exclusive Agency.
-
exculpatory clause
-
A provision in a lease that absolves the landlord
from responsibility for all damages, injuries or losses occurring on the
property, including those caused by the landlord's actions. Most states
have laws that void exculpatory clauses in rental agreements, which means
that a court will not enforce them.
-
executor/executrix
-
The man/woman appointed in a will to carry
out the requests of the will. Contrast with Administrator/Administratrix.
-
expropriation
-
See eminent domain.
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