Earnest Money - The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.
Easement - A right or power of the government to take property for a public purpose upon payment of just compensation.
Encumbrance - A claim, lien, charge, or liability attached to and binding real property. Any right to, or interest in, land which may exist in one other than the owner, but which will not prevent the transfer of fee title.
Equal Credit Opportunity Act - A federal law prohibiting unlawful discrimination in the extension of credit.
Errors and Omissions Insurance - Designed to protect professionals from innocent negligent acts.
Escheat - The reversion of property to the state when an owner dies leaving no legal heirs, devisees, or claimants.
Escrow - A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties' instructions and assuming responsibility for handling all of the paperwork and distribution of funds.
Exclusive Agency - A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of commission.
Exclusive Right to Sell - A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement.
Execute - To complete, to perform, to make, to do, to follow out; to execute a deed, to make a deed including especially signing; to execute a form, to perform the contract, to follow out to the end, to complete.
Executed Contract - A contract that is fully signed or performed.
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