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TermDefinition
- Earnest MoneyA sum of money given to bind a sale of real estate. Also known as earnest money.
- DepositA sum of money given to bind a sale of real estate. Also known as earnest money.
- Earnest Money DepositMonetary deposit typically made by the homebuyer when they enter into a contract with the seller. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.
- Good Faith DepositMonetary deposit typically made by the homebuyer when they enter into a contract with the seller. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.
- EMDMonetary deposit typically made by the homebuyer when they enter into a contract with the seller. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.
- Earthquake StrapA metal strap used to secure gas hot water heaters to the framing or foundation of a house. Intended to reduce the chances of having the water heater fall over in an earthquake and causing a gas leak.
- EasementA right held by a person or entity to make limited use of another’s real property.
- EaveThe edge of a roof that connects with the wall of the building. Usually this part of the roof comes out further than the wall.
- EavesThe horizontal exterior roof overhang.
- Edge FlashingThe metal trim that is placed on the edge of the roof covering the seam between the roof plan on the eave and the fascia board. Sometimes referred to as drip edge.
- Effective Gross IncomeEffective Gross Income is the Potential Gross Rental Income plus other income minus vacancy and credit costs of a rental property. EGI is meaningful in terms of understanding real estate definitions because it provides the value of a rental and how much positive monthly cash flow it could produce.
- EGIEffective Gross Income is the Potential Gross Rental Income plus other income minus vacancy and credit costs of a rental property. EGI is meaningful in terms of understanding real estate definitions because it provides the value of a rental and how much positive monthly cash flow it could produce.
- EfflorescenceA whitish powder that sometimes oozes from the mortar joints in masonry work.
- EggshellA type of paint finish, or gloss. The finish/sheen of eggshell is somewhere between flat (no gloss) and semi-gloss (some gloss).
- EgressTypically synonymous with’exit,' the path or right-of-way a person may leave a property.
- Egress WindowEgress windows are large windows that can double as an emergency exit. They also have specific requirements according to building codes.
- Ejectment(1) Eviction or dispossession. (2) A law suit to regain possession of real estate held by another.
- Elbow (Ell)A plumbing or electrical fitting that lets you change directions in runs of pipe or conduit.
- Electric LateralThe trench or area in the yard where the electric service line (from a transformer or pedestal) is located, or the work of installing the electric service to a home.
- Electric Resistance CoilsMetal wires that heat up when electric current passes through them and are used in baseboard heaters and electric water heaters.
- Electrical Entrance PackageThe entry point of the electrical power including: (1) the’strike' or location where the overhead or underground electrical lines connect to the house, (2) The meter which measures how much power is used and (3) The’panel' or’circuit breaker box’ (or’fuse box') where the power can be shut off and where overload devices such a fuses or circuit breakers and located.
- Electrical RoughWork performed by the Electrical Contractor after the plumber and heating contractor are complete with their phase of work. Normally all electrical wires, and outlet, switch, and fixture boxes are installed (before insulation).
- Electrical TrimWork performed by the electrical contractor when the house is nearing completion. The electrician installs all plugs, switches, light fixtures, smoke detectors, appliance "pig tails", bath ventilation fans, wires the furnace, and "makes up" the electric house panel. The electrician does all work necessary to get the home ready for and to pass the municipal electrical final inspection
- ElectricianA construction professional specialized in the installation and fixing of electrical equipment.
- ElevationA view of an architectural model taken horizontally, looking at a vertical surface in a design.
- Elevation drawing1. A drawing of the exterior or interior of a building as seen from a horizontal position - without dimensional perspective. 2. The side view of a room detailing one wall per drawing.
- Elongated BowlAn alternative to the standard round toilet bowl shape. The elongated toilet bowl is oval in shape and is about 2 €³ longer than a round toilet bowl.
- Eminent DomainThe right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value.
- EnamelA paint or enamel made so that its coating, when dry, has some luster but is not very glossy. Bathrooms and kitchens are normally painted semi-gloss
- Semigloss PaintA paint or enamel made so that its coating, when dry, has some luster but is not very glossy. Bathrooms and kitchens are normally painted semi-gloss
- EncroachmentThe extension of a structure from the real estate to which it belongs across a boundary line and onto adjoining property.
- EncumbranceA claim, right or lien upon the title to real estate, held by someone other than the real estate owner.
- EndorsementAddition to or modification of a title insurance policy that expands or changes coverage of the policy, fulfilling specific requirements of the insured.
- Energy StarA program supported by the U.S. EPA (Environmental Protection Agency) that recognizes products that are energy efficient. Energy Star labels can be found on products ranging from air conditioners to home heating equipment and more.
- Engineering ReportReport generated by an architect or engineer describing the current physical condition of the property and its major building systems, i.e., HVAC, parking lot, roof, etc. The report also determines an amount for calculating replacement reserves, if needed.
- Environmental ReportReport generated by an qualified environmental firm to determine potential environmental hazards in a building's region or within the building itself.
- Environmental RiskRisk of loss of collateral value and of lender liability due to the presence of hazardous materials, such as asbestos, PCB's, radon or leaking underground storage tanks (LUSTS) on a property.
- Equal Credit Opportunity ActA federal law that requires lenders to make credit equally available without regard to the applicant’s race, color, religion, national origin, age, sex, or marital status; the fact that all or part of the applicant’s income is derived from a public assistance program; or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. It also requires various notices to consumers.
- ECOAA federal law that requires lenders to make credit equally available without regard to the applicant’s race, color, religion, national origin, age, sex, or marital status; the fact that all or part of the applicant’s income is derived from a public assistance program; or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. It also requires various notices to consumers.
- Equal Housing OpportunityAll American citizens can have the opportunity to live in different housing communities regardless of their age, disability, gender, familial status, nationality, race, or sexual orientation.