Real Estate Glossary

Browse the glossary using this index

Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL

Page: (Previous) 1 ... 12 13 14 15 16 17 18 19 20 21 ... 52 (Next)
ALL

E

equity

the interest or value that an owner has in property over and above any loan or indebtedness.

erosion

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property by the elements

escheat

is the power of government to take property when the owner of the property abandons it or dies with no heirs and no will.

This is one of the four powers of government which institutes public limitations on real property. The four powers are: Police power, Eminent domain, Taxation, and Escheat, remembered by the acronym PETE.

escrow contract

a fund reserved to meet future real estate taxes and property insurance premiums.

estate

in reference to rights in real estate, the word estate refers to the nature, quality and degree of interest that a person has in real estate.

estate at sufferance

occurs when a tenant retains possession of the property after the termination of a lease and fails to pay rent. Because the estate is recognized as a real property right, the tenant must be evicted and cannot be removed as would be case for a trespasser.

estate for years

is a lease for a specific period of time. It does not have to be for a full year, but the lease must specify a beginning and end.

For example, a lease from March 1st to April 30th would be an estate for years. The estate for years terminates automatically at the end of the lease – no notice is required unless called for in the lease.

estate in land

The degree, quantity, nature, and extent of interest a person has in real property.

estate taxes

Federal taxes on a decedent's real and personal property.

excess land

pertains to large tracts of residential land properties that financial institutions will not make long-term mortgage loans on – even if there is a residence on the property.

There is a two-part test for identifying excess land:

land area greater than typical and necessary to support the improvement in that market; and
it is capable of separate and independent use.

Page: (Previous) 1 ... 12 13 14 15 16 17 18 19 20 21 ... 52 (Next)
ALL