Here are some common terms used in our business that begin with the letter E.
EARNEST MONEY - Advance payment of part of the purchase price to bind a contract for property.
EASEMENT - An interest in land owned by another that entitles its holder to a specific limited use, such as laying a sewer, putting up electric power lines, or crossing the property. ENCROACHMENT - A trespass or intrusion onto another's property, usually by a structure, wall or fence.
ENCUMBRANCE - A lien, liability or charge upon a parcel of land.
ESCROW - A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer, and delivers them upon performance by the parties. EXAMINATION OF TITLE - The investigation and interpretation of the record title to real property based on the title search or abstract.
EXCEPTION - In legal descriptions, that portion of land to be deleted or excluded. The term often is used in a different sense to mean an objection to title or encumbrance on title.
