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Errors and omissions insurance
Errors and omissions insurance Malpractice insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
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Insurance
Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
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Equity release
This occurs when the homeowner takes out a mortgage on the property despite fully owning the house.
Equity trust
An investment trust dealing with ownership rather than financing.
Equivalent level rate (ELR)
Flat rate per square foot that will equal the same total present value as a proposed lease's variable cash flows.
ERISA (Employee Retirement Income Security Act)
Legislation passed in 1974 and administered by the Department of Labor that controls the investment activities primarily of corporate and union pension plans. More public pension funds are adopting ERISA-like standards.
Erosion
The gradual loss of soil due to the operation of currents, tides or winds.
Errors and omissions insurance
Escalation clause
A clause in a lease providing for an increased rent at a future time due to increased costs to lessor, as in cost of living index, tax increases, etc.
Escape clause
1) A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. 2) A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease.
Escheat
The reverting of property to the state in the absence of heirs.
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Escrow account
1) An account maintained by a real estate broker, attorney, escrow agent in an insured bank for the deposit of other people's money. 2) An account maintained by the borrower with the lender in certain mortgage loans to accumulate the funds to pay an annual insurance premium, real estate tax, or a home owner's association assessment.
This dictionary contains 6433 terms. |
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