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Ma Real Estate E-2

Terms & Definitions E-2

TermDefinition
Escrow Agent A neutral third party in a transaction, who holds documents or monies until certain acts are completed by the individuals involved in a contract.
Estate The legal interest and rights that a party has in real property.
Estate for Term Also known as Estate for years; Tenancy for a specific period of time. Can be less than a year.
Estoppel Concept where a party cannot exercise rights contrary to previous representation. EXAMPLE: A town water bill relied on by a new owner, could be challenged by estoppel when a new higher bill is charged.
Et Al And others.
Et Ux And wife.
Exchange A transaction whereby part of the consideration includes properties of "like kind" and or use. Capital gains tax deferment may be obtained using an exchange, if the transaction conforms to all requirements in I R S code 1031.
Excise Stamps Mass tax stamps due when a deed is recorded at the Registry of Deeds at $2.28 per $500 of selling price.
Exclusive Agency Owner gives one broker the right to sell a parcel of property, but retains the right to sell himself, without paying a commission.
Exclusive Office Listing The same as exclusive agency.
Exclusive Right to Sell Owner gives one broker the right to sell a parcel property, and agrees to pay commission, when sold by anyone including the owner.
Executrix A female appointed by an individual to carry out the directions in their will.
Executor A male appointed by an individual to carry out the directions in their will.
Executor's Deed A deed used by the executor to a state to sell property held by the estate.
Executed Contract A contract where all parties have fulfilled all terms.
Execution The signing and delivery of the document.
Executory Contract A contract that has not had the terms completed by one or both of the parties.
Express Contract A contract where the intent of the parties is clearly stated. May be verbal or written.
Express Agency An agency relationship created by mutual consent between a principal and agent. Maybe either oral or written.
Created by: medct