The Wongsam Group - Richard and Vera Wongsam,CRS

Term	Definition

Early occupancy	The condition in which buyers can occupy the property before the sale is completed.

Earnest money	Money a buyer gives with an offer to purchase a property. Also called a deposit.

Earthquake insurance	A policy that provides coverage against damage to a home from an earthquake.

Easement	A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains.

Eaves	The projecting overhang at the lower edge of a roof

Effective age	The age of a structure estimated by its condition rather than its actual age.

Effective gross income	Additional income that a lender considers when assessing the loan application of a potential borrower.

Electric service panel	A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers.

Elevations	The exterior view of a home design that shows the position of the house relative to the grade of the land.

Ell	An extension or wing of a house that is at right angles to the main structure.

Eminent domain	The government's right to condemn private land for public use, such as the routing of a public highway.

Employer-assisted housing	Programs which help employees purchase homes through special plans developed with lenders.

Empty nesters	Potential buyers who have raised their families and want to move into a smaller home.

Encroachment	Fences or other structures that extend into the property of another owner.

Encumbrance	A claim or lien on a property which complicates the title process.

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