Mortgages designed for Life
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Mortgage Glossary

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

Easement

A right enjoyed by one landowner over the land of another.

Economic Life

The estimated period over which it is anticipated that a property may profitably be utilized.

Effective Gross Income (Income Property)

The annual income from a property if fully leased, less an annual allowance for vacancies and bad debts.

Egress

Going out (access to exit).

Eminent Domain

The right reserved by government to take by expropriation private property for public benefit provided it pays just compensation.

Encroachment

An improvement that intrudes illegally upon another's property.

Encumbrance

Outstanding claim or lien recorded against property or any legal right to the use of the property by another person who is not the owner.

Equitable Mortgage

A mortgage which has a claim solely on the equity of redemption and not to the title of the property itself.

Equity

In mortgaging, the difference between lending value and indebtedness.

Equity Financing (Lending)

The investment in the equity in leveraged or unleveraged real estate by investors. These investors are usually institutional and may or may not have provided the mortgage financing.

Equity of Redemption

The right of the mortgagor to have title to their property restored to him or her when he or she has repaid the mortgage in full.

Escalation Clause

Lease provisions whereby the tenant pays for increases in certain expenses over a specified base. Usually these expenses are maintenance, insurance premiums and real estate taxes. The base is usually those expenses incurred by the landlord in a specified year.

Escheat

The reversion of property to the state in the event the owner thereof dies, leaving no will and having no legally qualified heir to whom the property may pass by lawful descent.

Escrow

Securities, instruments, money, or other property deposited by two or more persons with a third person, to be delivered on performance of a certain event.

Estoppel Certificate

Legal certificate usually issued by a condominium corporation indicating details of the project and given to the lender / purchaser or tenant. Delivery of the certificate prevents one from claiming a different set of facts at a later date.

Exculpatory Clause

A clause in a contract holding one party harmless in the event of some default.

Expropriation

Taking private property for public use, with fair compensation to the owner, through the exercise of the right of eminent domain.

Extended Coverage Endorsement

An endorsement that may be attached to fire insurance policies. It generally includes coverage against the peril of windstorm, hail, explosion, riot, civil commotion, damage by aircraft or vehicles and smoke.

Extension Agreement

An agreement extending a loan past the original maturity date.