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Glossary of terms and acronyms used on this site

There are 93 entries in this glossary.
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E

Term Definition
Easements

The legal rights that give someone other than the owner access to use property for a specific purpose. Easements may affect property values and are sometimes a part of the deed. Source: www.hud.gov

ECOA

Equal Credit Opportunity Act; a federal law requiring lenders to make credit available equally without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. Source: www.hud.gov

EEM

Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase. Source: www.hud.gov

Eminent Domain

When a government takes private property for public use. The owner receives payment for its fair market value. The property can then proceed to condemnation proceedings. Source: www.hud.gov

Encroachments

A structure that extends over the legal property line on to another individual's property. The property surveyor will note any encroachment on the lot survey done before property transfer. The person who owns the structure will be asked to remove it to prevent future problems. Source: www.hud.gov

Encumbrance

Anything that affects title to a property, such as loans, leases, easements, or restrictions. Source: www.hud.gov

Equity

An owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage loon(s)from the fair market value of the property. Source: www.hud.gov

Escrow

Funds held in an account to be used by the lender to pay for home insurance and property taxes. The funds may also be held by a third party until contractual conditions are met and then paid out. Source: www.hud.gov

Estate

The ownership interest of a person in real property. The sum total of all property, real and personal, owned by a person. Source: www.hud.gov

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