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Ma Real Estate E-1

Terms & Definitions E-1

TermDefinition
Easement An interest that one party (Dominant Estate) has to use the property of another (Servient Estate) as in a Right of Way.
Easement Appurtenant The right one property owner (Dominant Estate) has in the property of another (Servient Estate). Passes forward with the land. EXAMPLE: A common driveway or the right of Lot A property owner to cross Lot B to access a lake.
Easement by Necessity Easement created by the courts and required by need. Must have common grantor for dominant and servient estates. EXAMPLE: Right of way to road when property is land-locked.
Easement by Prescription Easement created by open notorious continuous use (20 years in Mass) similar to acquiring title by adverse possession. SQUATTERS RIGHTS.
Easement in Gross An easement that does not pass with the land and has no dominant estate. EXAMPLE: Utility easement.
Economic Forces Those activities in and around a community, that involve business and economic development. Used as a principal and appraisal.
Economic Obsolescence Loss of value due a number of forces outside the property owners control including economic, environmental and social change. A principal used an appraisal.
Elderly Individuals 62 years of age or older, used in condominium conversion law in Mass to set special condo conversion protection.
Emblements Growing crops that are produced annually through labor and industry. Considered personal property even before harvest. Also known as Fructus Industriales.
Eminent Domain The right of the government (Federal, State, or Municipal) to take title to private property for the common good; through a process known as condemnation.
Encroachment When the property of one party intrudes on the property of another. EXAMPLE: A roof or deck overhanging the lot line.
Encumbrance Anything that lessens the value of a parcel of property; including liens and any encroachment.
Equitable Title Interest held by the buyer when a purchase and sale contract has been signed, but prior to transfer of the deed when legal title is obtained.
Equity The value an owner has in property in excess of any mortgages or other liens.
Erosion The gradual decrease to land on a short a riverbank by natural forces.
Estoppel A legal doctrine whereby a person is not allowed to deny a previous statement or act, when an innocent party has relied on that statement or act. EXAMPLE: Incorrect mortgage balance given by a bank.
Estoppel Agent An agency that exists, when a third party has reason to believe that an agency exists, even though a formal principal-agent relationship has not been established.
Escalation Clause Stipulation in a contract that allows payments to increase based on certain conditions. EXAMPLE: Increase in an interest rate in the event of late payment or default.
Escalated Lease Lease where the payments vary up or down with certain conditions, such as a change in expenses (taxes, insurance, utilities) or late payments.
Escheat Process by which property reverts to the state, when no will or heirs exist or when the property is abandoned.
Escrow Process where money and, or documents are held by a third party for 2 parties in the transaction.
Created by: sunaecm4
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