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E

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:

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

exclusive-agency buyer agency

One broker becomes the buyer's agent but the buyer reserves the right to search for properties as well.


exclusive-agency listing

one broker is authorized to act as the exclusive agent of the principal. However, the seller retains the right to sell the property without the obligation to pay the broker.


exclusive-right-to-sell listing

one broker is appointed to the seller's sole agent. The broker is given the exclusive right, or authorization, to market the seller's property. Whether the sellers finds a buyer with or without the broker's assistance, the seller still must pay the broker a commission.


execute

This is making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. Execution of a document can refer to just the act of signing; it may refer to complete doing of the document's terms.


executed contract

This is a contract that has been finished fully. All parties have fulfilled their promises.



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