EASEMENT. The right, privilege or interest in which a person may use the land of another for a specified purpose, such as right of way. This right is part of real estate ownership created by grant or agreement. It is an encumbrance upon the estate giving up the easement.
EJECTMENT. A form of legal action to regain control of real estate and collect for damages.
ENCUMBRANCE. Any claim attached to and binding real property which affects or limits the fee simple title to the property, such as a mortgage or easement.
EQUITY. The interest or value which an owner has in real estate over and above the liens or mortgages against it.
EQUITY OF REDEMPTION. The original owner’s right to redeem his property sold, within the statutory period, such as a mortgagor’s right to redeem within a year after foreclosure sale by payment of debt, interest and costs.
EROSION. The wearing away of land by natural forces, such as by the action of water, wind or glacial ice.
ESTATE. The extent of interest, share, right, equity which a person has in real property.
EVICTION. Dispossession by process of law in pursuance of a court awarded judgment.
EXCLUSIVE AGENCY LISTING. A written instrument giving one real estate broker the right to sell certain property for a specified period of time, but reserving the right of the owner to sell the property himself, in which case, there will be no payment of a commission.
EXCLUSIVE RIGHT-TO-SELL LISTING. A written agreement between the owner and the real estate broker, giving the broker the right to collect commission even if the owner makes the sale himself or even if the property is sold by anyone during the term of the agreement.
EXECUTOR. A person named in a will to carry out its provisions as to tlie distribution of the estate of a deceased person.
