Miami Office:
4000 Ponce de Leon Blvd
Suite 470
Coral Gables, Florida 33146

Phone: (305) 777-0482
Fax: (305) 675-3271

Boca Raton Office:
6111 Broken Sound Pkwy NW
Suite 330
Boca Raton, Florida 33487

Phone: (561) 443-7124
Fax: (561) 431-0419

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GLOSSARY-E

Earnest Money
A down payment made in good faith by a prospective buyer to demonstrate the buyer’s willingness to purchase a property.

Easement
The right to use land that is the legal property of another owner.

Effective Interest Rate
The actual rate of interest on a loan.

Ejusdem Generis
A Latin term meaning “of the same kind,” used in cases where specific persons or things (such as automobiles, trucks, and motorcycles) are listed in a statue and then a general term is applied (such as “vehicles”), it is presumed that the general term (“vehicles”) only applies to land-based motor transportation, not boats or aircraft, for example.

Embezzlement
The theft of funds or other property from an employer, company, or governmental agency, or the act of misappropriating money or other assets that have been held in trust.

Eminent Domain
The power of a government, whether federal, state, county, city, school or hospital district, or any other agency, to seize privately held property for public use after paying the owner fair market value for the property, with or without permission of the owner.

Emolument
The salary, wages, and benefits paid for employment or for an office held.

Encroachment
A structure or improvement that unlawfully extends across a legal property line onto the property of another owner.

Encumbrance
Any claim, lien, liability, or right held on a real estate title by someone other than the owner.

Equity
The difference between fair market value of a property and any loan secured against the asset, for example, a home mortgage.

Escape Clause
A provision in a contract that allows a party to avoid liability for reasons specified within the contract.

Escheat
The right of government to seize property owned by an individual who dies without leaving a valid will or qualified heirs.

Escrow
Usually, refers to documents, funds, or other property held by an impartial third party until all conditions of a transaction between two parties have been met.

Estate
All property belonging to a particular owner.

Executor
The administrator of an estate, either named in a will or designated by a court, in the event that no executor has been named.