Escrow Disclosure to Eviction Notice

 

Escrow Disclosure

The escrow disclosure is an informational notice detailing the current and projected escrow collections and disbursements.  This disclosure is normally provided to the borrower during the loan closing.

Escrow Instruction

The escrow instruction consists of guidance and requirements from the lender, closing agent and/or escrow agent, regarding what steps must be followed to complete the closing. Mortgage lenders typically send closing instructions to the escrow agent, along with the closing documents and funds to disburse.

Escrow Waiver

With the payment of an escrow waiver fee, qualified borrowers may forego the loan’s escrow account requirements.  With many conforming loans, the borrower may waive the escrow requirement if the loan is only at 75% LTV ratio or below-at least 25% down payment or equity.  The lender may still re-impose the escrow requirement at a later time if the borrower proves subsequently delinquent in paying property taxes and insurance premiums.

Escrowee

The escrowee is the managing agent of an escrow.  With escrow closings, the escrowee receives and holds the different assets, properties and consideration until ready for proper distribution or delivery.

Escutcheon

The escutcheon is the decorative plate around door knobs, locks and pipes passing through a wall or floor.

Esplanade

Although originally meant to describe the open area around the fortress walls, esplanades today are typically found along rivers, lakeshores and other bodies of water. The esplanade is typically a public promenade that can contain a promenade (for walking) and a boulevard (for cars). Compare with the Promenade entry.

Estate

In the real estate industry, the term estate refers to the interest an individual has in real property.  The term estate encompasses the degree, nature and extent of ownership rights.  Estates are generally divided into two groups: freehold estates of indefinite length and leasehold estates for a fixed term.

Estate at Sufferance

Commonly called Tenancy at Sufferance, this estate at sufferance is a legal term applied to the unpermitted occupancy by a tenant of a property after the lease term has expired.

Estate at Will

The estate at will is a legal term describing the permitted occupancy of a property, with or without a lease agreement, for an unspecified term.  This arrangement can be terminated by either the owner or tenant at any time.

Estate for Life

The estate for life is a legal term referring to an interest in a property that terminates upon the death of a specified individual.

Estate for Years

The estate for years is a legal term referring to an interest in a property for a specified period of time.  This is the most common type of leasehold estate.  The lessee must vacate at end of the lease term or otherwise becomes a holdover tenant.  Sale of property or death normally does not end a lease.

Estate from Period to Period

See the Periodic Estate entry.

Estate in Reversion

The estate in reversion is an estate left by a grantor that begins after the termination of another estate granted by that individual.

Estate Tax

The estate tax is a tax assessment based on the value of a property left by a decedent.

Estimated Remaining Life

The estimated remaining life of a property refers to the number of years that a capital asset or improvement to land can continue to effectively function. This period can be extended with upgrades; but it can also be shortened without adequate maintenance and repair.

Estoppel Certificate

Also called an estoppel letter, the estoppel certificate is a legal statement confirming the current facts of an agreement or transaction.  Much like an affidavit, it states the material facts about the property or transaction. At many closings, the borrower will sign an estoppel letter confirming the transaction and loan amounts.  But estoppel letters are also used with leases and other transactions. The estoppel is a legal concept that prohibits a party from denying facts that were once acknowledged by a person as true and accepted by others as factual. For example, if the seller previously gave leases to the buyer; the buyer may request an estoppel letter as further confirmation that those leases are legitimate and true.

Estoppel Letter

See the Estoppel Certificate entry.

Et Ux

An abbreviated Latin phrase sometimes used in legal documents and property title.  It is short for “et uxor” and means “and wife.”

Et Vir

A Latin phrase sometimes used in legal documents and property title.  It means “and husband.”

Euclidean Zoning

Also known as building block zoning, Euclidean zoning has become the adopted approach by many cities in the U.S. today. First used by the city of Euclid, OH, Euclidean zoning sets different zoning requirements for specific areas, such as neighborhoods and blocks. Admirers of this approach like its established precedents (protecting it from a great deal of legal challenges), convenience and proven value. Critics, however, challenge it for its lack of flexibility and adherence to outdated urban planning theories.

Eurostyle Kitchen

The Eurostyle kitchen is a kitchen design style that emphasizes efficiency, function and minimalism.  Cabinets, appliances and fixtures are modular, allowing for stacking and efficient use of space. They also have minimal decorative features, so they easier to repair, replace and clean.

Evaporative Cooler

The evaporative cooler is an air refrigeration system that uses evaporation to generate cooler air.  This is an effective alternative in dry environments, in which moisture evaporates more quickly.  The key idea is that it takes energy (i.e. heat) to evaporate water; the flip side is that as water evaporates, heat (energy) is absorbed and removed. In these coolers, semi-absorbent pads are soaked with water.  As water evaporates, the heat loss of that chemical reaction reduces air temperature around the pads by about 15 to 20 degrees. A fan then pushes this cooled air into the building.

Evaporator

The evaporator is a device found in many cooling systems that receives water from a condenser.  The evaporator converts the cooled water from the condenser into cold water vapor.  Air or water is then passed over coils in the evaporator before being forced to rooms that need to be cooled.

Eviction

The eviction is the process of terminating the occupancy of a tenant after the lease has expired or ended.  Actual evictions are initiated by the landlord; while constructive evictions are initiated by the tenant.

Eviction Notice

The eviction notice is a formal notice provided by a landlord to a tenant who is currently in default on either the lease terms or rental obligations.