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Earnest Money / Earnest Money Deposit

A customary payment by the Buyer in a transaction of funds to evidence the contractual promise.  Usually the earnest mondy deposit is a percentage of the transaction like 1%, 5% or 10%, which is often held by the escrow agent until closing.  

 


Easement

An easement is a right to use another persons property for some particular use, the right is generally conveyed via an easement document.  Easements are most often given for roadway purposes, that at times improve accessibility to a property, or for utility purposes, typicall allowing phone, electric power, water, sewer and cable television.  Easements can be temporary or permanent.  The taking of easements for public purposes usually requires the payment of just compensation to an owner.  Appraisers are often employed to provide value opinions regarding easement takings.

 


Electromagnetic Field (EMF)

EMF is used to describe the electric and magnetic fields created by all power transmission and distribution lines. Negative health affects from power lines has not been proven. Concern has prompted further study of the effects of EMF, and some further studies should become available over the next several years.

The fact that public concern has been raised regarding this issue may be enough of a reason for many buyers and sellers of real estate to consider the location of power lines as a factor in the value of their property.


Eminent Domain

The right of the government to take private property for a public purpose.  As discussed under Condemnation (the process), appraisers become involved in government takings as experts who provide value opinions regarding the just compensation due.  While the ultimate decision maker with regard to just compensation is the courts, appraisers are hired to opine values and testify as expert witnesses.  


Energy-efficient

A consideration of many buyers is a home's energy saving ability or it's energy efficiency. An energy audit, often given free by gas and electric companies, can point out problem areas in a home. Insulation, ventilation, a solar system, and appliance are a few of the areas that receive scrutiny.


Environmental Audits

Property development can be limited by federal, state and local laws when environmental contamination of any type is suspected. Lenders have also become sensitive to environmental issues. Audits are now often performed by qualified consultants prior to the purchase of real estate. The audits signal a buyer and/or lender that a potential environmental problem may exist.


Equity

That part of the total value of a property that exceeds all existing liens and mortgages. A $ 500,000 home encumbered with only a $ 200,000 mortgage and $ 10,000 in accrued property taxes would have an owner equity position of $ 290,000.


Errors and Omissions Insurance

The liability insurance coverage carried by many real estate brokerage firms that protects them from claims made for mistakes made by them or their agents during the processing of a real estate transaction.


Escrow 

Many transactions are closed by the title insurance company who issues the title insurance policy,  keeps copies off all documents and holds the earment money deposit and paid funds.  The title company thus acts as the "escrow holder" and has parties to the transaction sign "escrow instructions" that allow the to act.  

 


Escrow Account

Many lenders require that a borrowers place one-twelfth of their annual taxes, assessments and insurance premiums into an account called an escrow account. Escrow payments increase the monthly principal and interest payments of borrowers but protects financial institutions from heavy losses due to the non-payment of taxes or insurance premiums.


Ethics

Standards of professional conduct. Realtors® adhere to a Code of Ethics as outlined in their "Professionalism in Real Estate Practice" publication available through the National Association of Realtors®. The ethics publication notes that Realtors® attempt to attain an "Optimum performance the public has the right to expect."


Exclusive Agent

When only one agent is authorized to buy or sell real estate in an agreement with a client an exclusive agency relationship has been established. An exclusive agency contracts does not preclude the Seller from selling the property.


Execute

This term is used to describe the act of signing a contract, and it often is assumed to include it's sealing and delivery.


Executor

A person designated in a will to carry out it's provisions (male) Executrix is the female.

 


 

 



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Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.