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Real Estate / Mortgage Glossary : E
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E-cheque or E-check (U.S.)
An electronic version or representation of a paper cheque. The account holder writes an e-check (or e-cheque) using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-checks are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-checks are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-check, receives credit, and the payee's bank clears the e-check to the paying bank. The paying bank validates the e-check and then charges the cheque writer's account for the cheque.
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E-commerce
A system used to conduct business transactions of buying and selling goods and services over a computer network
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Early Closing Cost Reimbursement
Some line-of-credit lenders waive underwriting costs when a line is opened in anticipation of future profits. If a line is then closed early, these institutions impose those fees retroactively.
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Early Occupancy
A condition in which the seller allows the buyer to move in before the sale is closed.
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Early Termination Charge
Charges that the leasee must pay if the car is turned in early before the term of the lease is over.
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Early Withdrawal Penalty
A depositor forfeits interest or is assessed a service charge for withdrawing funds from or closing out a time deposit before its maturity date.
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Earned and Unearned Income
Two different sources of income: earned income comes from wages, salary or business profits; unearned income comes from sources such as interest, dividends, rental income and pension benefits.
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Earned Income
All the money you earn. This includes any wages, salaries, tips, net earnings (if you're self-employed) and any other income received for personal services. Investment income, such as dividends and interest, is not counted as earned income. See also "Unearned Income."
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Earnest Money
Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.
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Easement
A right of way giving persons other than the owner access to or over a property.
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Economic Growth
The rate of change in output from one year to the next.
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Economic Indicators
Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.
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