click below
click below
Normal Size Small Size show me how
Ma Real Estate E-1
Terms & Definitions E-1
Term | Definition |
---|---|
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. |