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Look-up a term: GLOSSARY:
  • Earnest Money (Deposit) money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer's satisfaction.
  • Earnings Per Share (EPS) a corporation's profit that is divided among each share of common stock. It is determined by taking the net earnings divided by the number of outstanding common stocks held. This is a way that a company reports profitability.
  • 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.
  • 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
  • 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.
  • 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.
  • Encumbrance anything that affects title to a property, such as loans, leases, easements, or restrictions.
  • Energy Efficient Gas Furnaces The most used source for heat in your home, energy efficient gas furnaces can be up to 15% more efficient than standard ones.
  • Energy efficient water heater The second largest energy expense in your home, water heaters typically account for 18% of your utility bill. Using a more efficient water heater will reduce the amount of heat used to produce hot water.
  • Energy Saving CFL Lighting CFL bulbs can use up to 75% less energy and last up to nine years longer than incandescent bulbs, saving you money on energy bills and replacement bulbs.
  • Energy Saving Draftstopping Identifying sources of air leaks in your home, Taylor Morrison will seal these areas to prevent air from escaping or entering. This will help keep your home at your ideal temperature to prevent using your air conditioning and heater more frequently.
  • Energy Saving R-19 Wall System for Livable Areas R-value is the measure of a material's resistance to heat flow. The higher the R-value, the more resistant a material is to heat flow. Taylor Morrison's R-19 insulation means your home stays warmer in the winter and cooler in the summer translating to savings on your monthly electric bill.
  • Energy Saving R-38 Insulation in attic Taylor Morrison insulates your home's attic to resist air flow to help cool and heat your home plus it reduces your home's energy use by up to 40%.
  • Equal Credit Opportunity Act (ECOA) 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.
  • 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.
  • Erosion-controlled site plan This is a strategy that prevents sediment from leaving the construction site to protect the local environment.
  • Escape Clause a provision in a purchase contract that allows either party to cancel part or the entire contract if the other does not respond to changes to the sale within a set period. The most common use of the escape clause is if the buyer makes the purchase offer contingent on the sale of another house.
  • 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.
  • Escrow Account a separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
  • Estate the ownership interest of a person in real property. The sum total of all property, real and personal, owned by a person.
  • Exclusive Listing a written contract giving a real estate agent the exclusive right to sell a property for a specific timeframe.
  • Exterior lighting with photo-sensors Lighting your home's exterior can not only amplify its beauty at night, but also help keep you safe. Using photo-sensors can help lower the cost of exterior lighting, by keeping them from operating during the day without you having to remember to turn them off.