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| 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. |
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| 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. |
| efflorescence White, powdery substance on concrete, stucco, or other masonry caused by water-soluble salts leaching to the surface. |
| electric service panel A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers. |
| electronic transfer The process of having a mortgage payment automatically deducted from a borrower’s checking or savings account. Many lenders offer this service. |
| elevations The exterior view of a home design that shows the position of the house relative to the grade of the land. |
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| 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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| encumbrance Any right or interest in property interfering with its use or transfer. |
| end loan The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed. |
| endorser A person who signs over ownership of property to another party. |
| English Tudor style An architectural design that features stone or brick exterior walls and exposed beams. |
| environmental impact statement A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site. |
| environmentally friendly home construction |