The condition in which buyers can occupy the property before the sale is
Earnest Money: Money a buyer gives with
an offer to purchase a property. Also called a deposit.
Earnest money agreement A
document that lists the price, conditions and terms under which the buyer is
willing to purchase the property. (Each of these means the same thing: offer
to purchase, or purchase offer, or earnest money agreement, or contract of
purchase, or deposit receipt.)
Easement: A right
given to a third party to use a portion of the property for certain
purposes, such as power lines or water mains
a) Equity is the sale price minus selling costs and the remaining
principal on the mortgage. The money you are left with after selling your
home and paying off the mortgage, selling costs and any other liens.
b) The amount of ownership that one has in a home. Ownership value is built
up by paying down the principal on your mortgage plus the increase in value
(appreciation) of your home in the market place.
Eminent Domain: The
government's right to condemn private land for public use, such as the
routing of a public highway. Often abused by municipalities seeking greater
See our Eminent Domain Guide.
Encumbrance: A claim
or lien on a property which complicates the title process
Exclusive agency listing A
listing contract in which the agent has the sole right to sell your home for
you, though you are not bound to pay the commission if you produce the
Exclusive right-to-sell contract
A listing contract in which you give the real estate broker the sole
right to sell; the person receives a commission, regardless of who produces