EASEMENTThe right acquired for access over another person’s land for a specific purpose, such as for a driveway or public utilities.
ECONOMIC DEPRECIATIONLoss in value of property due to external influences related to the property or not controlled by the owner.
EFFECTIVE GROSS INCOMEThe estimated gross income less allowances for vacancies and rent losses.
EFFECTIVE INTEREST RATEThe actual interest rate on investment where a debt or loan was bought at a discount or at a premium.
ENCROACHMENTA fixture, such as a wall or fence, which illegally intrudes into or invades on public or private property diminishing the size and value of the invaded property.
ENCUMBRANCEOutstanding claim or lien recorded against property, or any legal right to the use of the property by another person who is not the owner e.g. a mortgage.
END LOANThe mortgage loan to the final customer, such as a purchaser of a condominium unit.
EQUITYThe value of real estate over and above the mortgage(s) against it.
EQUITABLE MORTGAGEThe transfer of equity in property as security for a debt. Any mortgage registered after the first mortgage.
EQUITY OF REDEMPTIONThe right of the mortgagor to reclaim clear title to the real property upon full repayment of the debt.
ESCROW ACCOUNTAn account held by an agent on behalf of his principal for the payment of money due to a third party on the event of specified incidents, e.g. a vendor’s solicitor will hold funds on his behalf until title deeds to a property have been delivered and the property registered and the keys delivered to the purchaser; or an account maintained by a mortgagee for the payment of property taxes or life insurance premiums.
ESCHEATThe reversion of property to the state in event the owner thereof dies leaving no will and having no legally qualified heir to whom the property may pass by lawful descent.
ESTATEThe degree, quantity, nature and extent of interest which a person has in real property.
ESTOPPEL CERTIFICATE - now called a STATUS CERTIFICATEA written statement or certificate which states certain facts upon which the receiver of the statement or a third party may rely, e.g. Lender’s estoppel statement as to a purchaser or property. The lender cannot later deny the truth of these statements because a third party has relied and acted upon them.
EXACT DAY INTERESTInterest calculated on the basis of 365 days per year or 366 days in a leap year.
EXCULPATORY CLAUSEA clause which excuses one party from personal liability in the event of a default. EXPROPRIATION The act of forcefully taking private property for public use.
EXTENSION AGREEMENTThe lengthening of a term on a contract to extend the maturity date; or to permit more time for the performance of an obligation or condition; or the extension of the coverage of a lien to include more property.
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