Hernando County Real Estate Glossary of Real Estate Terms

Welcome to my Glossary of Real Estate Terms Page

provided by:

Hernando County Real Estate Agent Chris Frantz of Exit Success Realty. Looking for a home or selling you home in Hernando County Florida. Are you confused and overwhelmed by real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using my real estate glossary. This glossary of real estate terms is one for your use. Please use this as a resource to become comfortable with real estate terms.

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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 in gross - The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.

Eaves - The projecting overhang at the lower edge of a roof.

Effective age - The age of a structure estimated by its condition rather than it’s 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.

Emblements - Growing crops, such as rice and taro, which are produced annually through labor and industry.

Eminent domain - The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.

Employer-assisted housing - Programs, which help employees, purchase homes through special plans developed with lenders.

Empty nesters - Potential buyers who have raised their families and want to move into a smaller home.

End loan - The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed.

Endorser - A person who signs over ownership of property to another party.

English Tudor style  - An architectural design that features stone or brick exterior walls and exposed beams.

Entirety, tenancy by - A form of joint ownership of property between husband and wife with the right of survivorship.

Environmental impact statement - A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases.

Environmentally friendly home construction - A method of construction that utilizes recycled materials.

Equal credit opportunity act - A federal law that prohibits a lender or other creditor from refusing to grant credit based on the applicant's sex, marital status, race, religion, national origin or age. The law also prohibits a creditor from refusing to grant credit because the applicant receives public assistance.

Equifax credit information services, inc., - Is one of the "Big Three" credit reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374.

Escheat - The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

Escrow account - An account that a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.

Escrow agent - A neutral third party who ensures that all conditions of a real estate transaction are met.

Escrow analysis - A lender's periodic examination of an escrow account to determine if the lender is withholding enough funds from a borrower's monthly mortgage payment to pay for expenses such as property taxes and insurance.

Escrow closing - Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.

Escrow company - Firms that act as neutral third parties to ensure that all conditions that the buyer, seller and lender establish in a real estate transaction are met.

Escrow payment - Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.

Estate - The total assets of a person, including real property, at the time of death.

Estoppel - A legal doctrine by which a person is prevented from asserting rights or facts, which are inconsistent with a previous position or representation, he had made by his act, conduct or silence.

Ethics - A system of moral principles, rules and standards of conduct.

Examination of title - An inspection by a title company of public records and other documents to determine the chain of ownership of a property.

Excavation  - The process of clearing trees, removing topsoil and grading land before the foundation is laid.

Exchange - A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

Exclusive agency - A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

Executive - The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed.

Executory Contract - A contract in which one or both of the parties has not yet performed.

Exhaust fan - Ventilating devices that remove water vapor, undesired smells or smoke.

Extender clause - A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker.

Extension - An agreement to continue the period of performance beyond the specified period.



Chris Frantz
Exit Success Realty
13111 Spring Hill Dr
Spring Hill, FL 34609
Hernando County
352.~686.~2222 Office
352.~442.~3158 Cell


Exit Success Realty


While great care and research was undertaken to provide accurate explanations and definitions for all of real estate terms and words in our real estate glossary, cannot be 100% accurate in all jurisdictions. The definitions are for general purposes only and should not be used for legal purposes. We disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. We hope you benefit from using our concise online real estate dictionary.