Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
 
Ea - Ed - Ele - En - Ep - Es - Ex - Exp - Ext
Escalation Clause
Provision in a lease that requires the tenant to pay more rent based on an increase in costs. Alternately, a provision in a loan agreement or mortgage in which the entire debt becomes immediately due upon the occurrence of an item such as missing three consecutive monthly payments or when the current ration falls below 1.0.
Escape Clause
Provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not happen.
Escheat
When the ownership of a property reverts to the state because the owner dies without leaving a will.
Escrow
The holding of documents and money, by a neutral party, for a real estate transaction, to ensure that all conditions of the sale are met. Alternately, referring to a special account that a lender uses to hold a borrower's monthly payments for property taxes and insurance.
Escrow Account
An account that the lender or mortgage servicer establishes to hold funds for the payments for property taxes and insurance.
Escrow Agent
A neutral third party who ensures that all condition of a real estate transaction are completed satisfactorily.
Escrow Analysis
The periodic examination, by the lender, of an escrow account for purposes of determining if the amount withheld from a borrowers monthly mortgage payment is sufficient to pay for expenses such as property taxes and insurance.
Escrow Closing
When all the conditions of a real estate transaction are completed and title of the property is transferred to the buyer, escrow is considered closed.
Escrow Company
A company, which acts as a neutral third party, ensuring that all conditions, of a real estate transaction, established by the buyer, seller and lender, are fulfilled.
Escrow Fees
Amount earned by the escrow agent for accumulating and monitoring data from various sources and for distributing it to the parties.
Escrow Payment
Funds withdrawn from a borrower's escrow account, by the mortgage servicer, to pay property taxes and insurance.
Escrow Statement
Declaration by an escrow agent (independent third party) that instruments or property are being held in accordance with the agreement to the parties in a real estate deal.
Escutcheon
  1. Metal plate that holds a doorknocker.
  2. Metal plate around a keyhole.
  3. Circular trim piece around faucets or showerhead, etc. and covers the opening where the pipe goes into the wall.
Escutcheon Pin
Decorative nail designed to be visible when it is used.
Estate
Total assets of a person at the time of death, including real estate and personal.
Estate at Sufferance
The wrongful occupancy of property by a tenant after the lease has expired.
Estate at Will
The occupation of real estate by a tenant for an indefinite period, terminable by one or both parties at will.
Estate for Life
Interest in property that terminates upon the death of a specified person.
Estate For Years
An interest in land allowing possession for a specified and limited time.
Estate in Revision
An estate left by the grantor for himself/herself, to begin after the termination of some particular estate granted by him/her. For example, a landlord has an estate in revision, which becomes theirs to possess when the lease expires.
Estate on Condition
Land property estate contingent upon the occurrence or lace of occurrence of a particular event whereupon it can be created, augmented or dismantled.
Estate of Inheritance
An estate that descends to heirs in perpetuity.
Estimate
An appraisal value of property, an approximation of market values. Alternately, to calculate the approximate computation of the cost of completion of construction.
Estimated Closing Costs
An estimate of the expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs exist in addition to the price of the property and are paid at closing. Some are one-time expenses and some are recurring.
Estimated Hazard Insurance
An estimate of hazard insurance, known as homeowner's insurance or fire insurance, to cover physical damage such as from fire and wind. Coverage is usually required to equal the replacement value of the home.
Estimated Property Taxes
An estimate of property taxes to be paid. Amount is based on local tax rates and assessed property value (based on most recent sale price plus assessment updates).
Estimated Taxes and Insurance
Calculation, used by lender, of estimated taxes and insurance, which is used to evaluate a borrower's effective monthly housing expense.
Estoppel
Prevention of a person from making a statement of affirmation or denial because it is contrary to a previous statement. The barring of an act.
Estoppel Certificate
Mortgagor's signed statement that the stated remaining balance of a mortgage is correct and it is a property lien, which later prevents him/her from stating that the facts were misrepresented, therefore making the mortgage invalid.
Estoppel by Deed
Restraining a person or business from denying an appropriate conveyance of property
Estover
Right of a tenant to make use of a property's wood or food producing capacity to provide for his/her own necessities.
Et Al
Abbreviation for the Latin term meaning "and others".
Et Con
Legal abbreviation meaning "with husband".
Et Ux
Legal abbreviation meaning "with Wife".
Etch
To make a drawing on metal, glass, etc. by coating the surface with wax and let acid eat into the parts laid bare with a special needle.
Etched Nails
Nails with chemically treated rough shank surface, which increases their holding power in wood.
Ethics
The integrity, morals and principles guiding an individual's or profession's actions and conduct.
Ethylene Propylene Diene Monomer (EPDM)
Used as a gasket or valve seat material this synthetic elastomer material is created from ethylene, propylene and diene monomer synthetics.
European Style
Style of cabinetry where the cabinet has no face frame, known as box cabinets.
Eutectic
Alloy that is created by the proportion of combined elements yielding the lowest melting point of any of the proportions. For example: solder.
Evacuate
To empty or remove the contents of something. To remove air to create a vacuum.
Evaporate
To remove moisture. To vaporize.
Evaporative Condenser
Cooling air by passing it through a water spray, which is flowing over the outer part of finned tubes that contain refrigerant. When the air evaporates the water the tubes cool and, consequently, so does the refrigerant in the tubes.
Evaporator
Device that is used for purification by evaporating a liquid, such as those used on board ships to produce fresh water by distilling seawater.
Evase
The section of an exhaust stack that gradually tapers.
Evergreen
Tree or shrub that retains greenery all year.
Evict
Removal of a tenant through legal process.
Eviction
Legal procedure for removal of a tenant for reasons, which would include, but not be limited to, failure to pay rent.
Eviction, Actual
The act of removing or dispossessing or expulsion of an individual from a premises by force or by law.
Eviction, Constructive
The altering of a rented or leased premises by a landlord, rendering it unsuitable for habitation in order to effectuate the tenant's vacating. Eviction, Partial Removal of a tenant from a portion of a rented or leased premise.
Evidence
Something legally presented before a court. Data presented as proof.
Evidence of Title
Document, such as a deed, which demonstrates property ownership.

Return to Top

Landmark Realty
Office:(541)
929-2586
       
(800)
346-0630
Fax:  (541) 929-3548

landmarkrealty@casco.net

405 Landmark Dr
Philomath OR 97370

Mon - Fri  9:00 - 5:30
Weekends by Appointment