Real Estate Markets are very different and many things are handled differently from one state to another. We have assembled a glossary of the most common terms used in the Florida Real Estate Market to assist our American clients and the many international clients from Canada, United Kingdom and other countries across the world.

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Earnest money deposit

A type of money that a broker may handle for others in the ordinary course of business, also referred to as good-faith deposit or binder deposit

 

Easement

A right, privilege, or interest in real property that one individual has in lands belonging to another; a legal right to trespass; right-of-way authorizing access to or over land

 

Economic Life

The period of time a property may be expected to be profitable or productive; useful life.

 

Effective gross income (EGI)

The resulting amount when vacancy and collection losses are subtracted from potential gross income.

 

Eminent domain

The constitutional right given to a unit of government to take private property involuntarily if taken for public use and a fair price is paid to the owner.

 

Encumbrance

Any lien, claim, or liability affecting the title or attaching to real property.

 

Encumbrance clause

A provision in a deed to real property that warrants that no liens, claims, or liabilities exist on the property being conveyed, except as specified.

 

Equitable title

The right of a vendee to obtain absolute ownership of property to which the vendor has legal title; the interest held by a vendee under a sale contract or contract for deed

 

Equity

The market value of a property less any debt against it

 

Escalator clause

A provision in a mortgage permitting the lender to increase the interest rate that is usually tied to an event or a contingency

 

Escrow account

An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds

 

Estate by the entireties

A tenancy created by husband and wife jointly owning real property with instant and complete right of survivorship

 

Exclusive agency listing

Employment contract given to one real estate broker as the sole agent for the sale of an owner's property

 

Exclusive right of sale

An employment contract given to one real estate broker as the sole agent for the sale of an owner's property, with the commission going to that broker regardless of who actually sells the property during the employment contact period

 

Executed contract

An agreement in which the terms have been fully performed by all parties; a signed document

 

We hope you found the above links useful, and remember, if you have any questions regarding buying or selling your Florida Holiday Home or permanent residence in the Disney Orlando area please contact us - we look forward to your call.