Real estate glossary – the E’s – Livonia real estate

 

This Real Estate Glossary-the E’s will help you know what each meaning stands for when you come across the word you dont understand regarding real estate.

 

E
EASEMENT – A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other’s land.

EMINENT DOMAIN – The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.

ENCROACHMENT – An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another’s property, thus reducing the size and value of the invaded property.

ENCUMBRANCE – Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.

ENTIRETY, TENANCY BY – A form of joint ownership of property between husband and wife with the right of survivorship.

EQUITY – That interest or value remaining in property after payment of all liens or other charges on the property. A owner’s equity is normally the monetary interest over and above the mortgage indebtedness.

ERRORS AND OMISSIONS INSURANCE – A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company.

ESCHEAT – The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

ESCROW – The process by which money and/or documents are held by a disinterested third person (a “stakeholder”) until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).

ESTOPPEL – A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.

ETHICS – A system of moral principles, rules and standards of conduct.

EVICTION – The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

 

If you are looking to buy in Metro Detroit please give me a call on my cell (248) 310-6239 or email me @yesmyrealtor@gmail.com.

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