Dictionary
E
- easement
A limited right of use of another's land by a landowner for the benefit of his land. The land receiving the benefit is called the dominant tenement and the land granting the benefit is called the servient tenement.
- economic life
The time span over which a property is employed in its Highest and Best Use.
- effective annual rate
An annual interest rate which is compounded once a year. This rate is used for disclosure purposes under the B.C. Mortgage Brokers Act.
- encroachment
A fixture, such as a wall or fence, which illegally intrudes into or invades on public or private property, diminishing the size and value of the invaded property.
- encumbrance
A judgment, mortgage or lien or any other claim which is registered against the title to land.
- equitable mortgage
The transfer of equity in property as security for a debt. Technically, any mortgage registered on title subsequent to the first mortgage (i.e., second or third mortgage).
- equity (in common law)
The concept of justice being administered by the Courts according to fairness as contrasted with the strictly formulated rules of common law. In law the term "equity" denotes the spirit and habit of fairness, justness, and right dealing which would regulate interaction of men with men.
- equity (in mortgage finance)
The difference between a property's market value or purchase price and the debt incurred to purchase the property.
- equity of redemption
The mortgagor's right to repay the mortgage.
- equivalent rate
Two interest rates are equivalent if, for the same amount borrowed, over the same period of time, the same amount is owed at the end of that period of time.
- escalator clause
A term in a commercial lease which allows the landlord to charge the tenant for any increases in specified operating expenses.
- execution
The process of commencing proceedings to collect an amount owing by reason of a judgment.