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Updated 5/6/2010
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E
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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.
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