Executor to Exurb

 

Executor

The executor (executrix) is the administrator or person responsible for overseeing the administration of the will’s provision.

Executor’s Deed

The executor’s deed is a type of deed used by an executor to convey to a buyer the title to real estate or assets of a person who has died testate (with a will).

Exit Fee

The exit fee is charged by some commercial mortgage lenders to release the lien or cancel a loan at the end of its term.

Exit Strategy

Smart investors always have a plan of action for how and when they will liquidate an investment, before that investment is initially acquired: the exit strategy.

Expansion Joint

Also called a movement joint, the expansion joint is a chemical or mechanical filler that bridges construction materials, so as to prevent damage from climate-related expansion, contraction and movement. The most common form of expansion joints are the fillers used between sections of pavement, which absorbs the natural expansion and contraction that occurs as temperature changes.

Expansion Option

The expansion option is a lease provision used with some commercial properties that allows the tenant to expand their leased space to accommodate future growth in their business. This may entail taking over adjacent space, which may involve moving another tenant; it may also entail building an addition or annex. Most landlords with limited space prefer a first right of refusal, instead of an expansion option.

Expected Value

The expected value of a property is an estimate of the projected market worth of a property or investment, based on the probability of certain events and developments.

Expense Recovery

The expense recovery is the portions of the lessor’s operating expenses that the tenant must pay. With net leases, tenants usually must pay a prorated share of all of the operating expenses.  With gross leases, tenants only pay a prorated share after the operating expenses have reached a minimum level.

Expense Stop

See the Base Stop Amount entry.

Experian

Experian is one of the three major credit reporting bureaus that collect, store and report consumer credit histories in the United States. Experian is based in Orange, CA; it can be reached at www.Experian.com.  The other two major consumer credit bureaus are Equifax and TransUnion. For business and corporate credit history, the counterparts are Dun & Bradstreet and Standard & Poor.

Expressed Agency

The expressed agency is the typical agency method created by written or oral agreement.

Extended Stay

The extended stay hotel or motel is a type of lodging that caters to businesses travelers who need temporary residence for an extended period (more than five days). Many extended stay facilities offer suites with kitchenettes.

Extended Title Insurance Policy

Also called an extended coverage, the extended title insurance policy covers the insured against claims that may not be discoverable in public records.  Basic title insurance coverage only indemnifies the insured against losses arising from recorded liens, claims, encumbrances and title issues.  The extended policy charges a higher premium than the standard title insurance policy but will cover reasonably unforeseen and unrecorded title defects.

Extender Clause

The extender clause is a listing agreement provision banned in some states and discouraged in others that automatically extends the listing agreement at the end of its stated contract period-unless the seller specifically tells the listing agent to cancel or not renew the listing agreement. If it is used, it must indicate the automatic extension period and final termination or expiration date.

External Depreciation

See the Economic Depreciation entry.

External Obsolescence

See the Economic Obsolescence entry.

Extraordinary Assumption

With appraisal reports, an extraordinary assumption presumes specific information about a property to be factually true. If any these extraordinary assumptions are proven false, that would have a significant impact on the property’s value. Certified and licensed appraisers are trained to use extraordinary assumptions only in specific cases, such as if the appraiser has a reasonable basis to make that assumption and that assumption results in a credible analysis and report.

Exurb

The term exurb refers to communities in (or just outside metropolitan areas) beyond the established ring of suburbs. These communities may even be otherwise rural. Residents of exurb communities tend to be commuters, who work in the city or suburbs, but choose to live in further away from the city. Compare with the Bedroom community entry.