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Real Estate Terms - E

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Earnest Money

That money deposited by the buyer in an offer to purchase real property in order to show good faith in completing the transaction.

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Easement

A right or privilege with respect to real estate. An example is the legal right-of-way that permits an owner to cross another's land so as to get to his or her own property. An easement is appurtenant to the land, which means that it cannot be sold off separately and must be transferred with the title to the land of which it is part.

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Economic Life

The period over which property will yield a return on the investment

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Economic Obsolescence

Loss of useful life and desirability of a property through economic forces, such as changes in zoning, changes in traffic flow, and so on, rather than deterioration.

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Equity Sharing

Shared ownership of real property. Also known as shared equity, equity participation, equity partnership, and shared appreciation.

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Escalation Clause

A clause in a lease providing for an increase in rent at a future time because of increased costs to the lessor, as in cost-of-living index, tax increases, and so on.

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