A right appurtenant to a parcel of land entitling a dominant owner to use the land of the servient owner in a particular manner, or constraining the legal rights otherwise enjoyed by the servient owner, eg. A right of way, right to light, right to support. Strictly speaking, easements cannot exist "in gross", ie personal and unattached to the ownership of land, but rights similar to easements can be created by statute, usually for the benefit of public utility undertakings, and these are commonly referred to as "statutory easements".
Economic Rent
The market rental value of a property at a given point in time, even though the actual rent may be different.
Effective Gross Income
Term used for an income-producing property, derived from the potential gross income, less a vacancy factor and a collection loss amount.
Effective Rent
The gross rent payable per month by the occupiers which includes the base rent, maintenance charges, imputed costs of loss of interest on security deposit and rental advance. The effective rent indicates the total cash outflow of an occupier every month on account of leasing any property.
Encroachment
Part of a house or establishment illegally overhanging the street or a neighbour's property.
Encumbrance
An impediment to the use or transfer of the property in the form of an interest or right in the property, e.g. easement, mortgage or caveat.
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
Epistyle
An ornamental moulding around rectangular doors or windows. Also known as Architrave.
Equal Monthly Installment (EMI)
Loan repayments are usually in Equal Monthly Installments over the tenure of the loan. Some banks also offer a Variable Installment Scheme were in repayments are higher in the beginning of the loan period. This is beneficial for those individuals who are trying to maximise their tax breaks in the initial years and expect future tax breaks to fall (we believe that the opposite is more likely!)
Equity
The amount of an asset actually owned. Equity is the difference between the market value of the property and the amount still owed on its mortgage.
Equity Linked Mortgage
A mortgage whereby the interest on the principal in part or in whole is calculated, usually yearly, by reference on the security, e.g. It may reflect annual increase or possible decreases, in the annual return on, or the value of, the property in which the mortgage is secured.
Escalation Clause
A clause specified in lease agreements wherein renewals of lease period are built in. It involves an increment in the base rent at every renewal of a lease agreement in the base rent at every renewal of a lease agreement and is generally a percentage rate that is either pre agreed or negotiated before the renewal of the lease agreement.
Establishment Fee
A fee charged by a Lender to set up a loan.
Estate
The total of all the real estate and personal property owned by an individual at the time of death.
Eviction
The lawful expulsion of an occupant or tenant from real property.
Exclusive Authority
A written contract that gives one real estate agent the exclusive right to sell a property in a specified time period.
Executor
A person named in a will to administer an estate. Executrix is the feminine form.
