Easement

Created by grant or agreement for a specific purpose, an easement is the right privilege or interest which one party has in the land of another. (Example: right of way.)

Economic Life

The period over which a property will yield a return on the investment, over and above the economic or ground rent due the land.

Eminent Domain

The right of the government to acquire private property for public use by condemnation. The owner must be compensated fully.

Encroachment

Trespass; the building of a structure or construction of any improvements partly or wholly on the property of another.

Encumbrance

Anything which affects or limits the fee simple title to property, such as mortgages, trust deeds, easements or restrictions of any kind which do not prevent alienation of the fee title by the owner. Liens are special encumbrances which make the property security for the debt.

Enforceable

That which can be made to effective; to cause to take effect. An agreement or contract between persons in which one or other party can legally compel the performance of another or other parties.

Equity

The interest or value which an owner has in real estate over and above the liens against it.

Escheat

The reverting of property to the state in the absence of heirs or other claimants.

Escrow

The deposit of instruments and funds with instructions to a third party to carry out the provisions of an agreement or contract; when everything is deposited to enable carrying out the instructions, it is called a complete or perfect escrow.