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Easement (Servitude) is a right enjoyed by one landowner over the land of another.

Economic Life is the estimated period over which it is anticipated that a property or asset may profitably be used.

Economic Obsolescence is a loss of value over time resulting from external determinants such as heavy traffic, crime and unfavourable non-residential land uses.

Effective Gross Income (Income Property) is the annual income from a property, if fully leased, less an annual allowance for vacancies and bad debts.

Effective Interest Rate (for Mortgages) is the actual rate that the borrower must pay on a loan after the effects of compounding are considered. Is is also known as the true rate. It differs from the nominal interest rate.

Electronic Funds Transfer (EFT) is the automatic transfer of funds from one account to another. Mortgage repayments can be made electronically directly to the lender.

emili by CMHC is the automated mortgage insurance evaluation system if the Canada Mortgage and Housing Corporation (CMHC).

Empirica Score is the name given to the credit score published by TransUnion.

Encroachment is an improvement such as wall, fence or building that intrudes illegally upon another's property.

Encumbrance is outstanding claim or lien recorded against property, or any legal right to the use of the property by a person who is not the owner.

Equity (for Mortgages) is the difference between lending value (the purchase price or market value) and indebtedness.

Equity is a court system that applied the principle of equity to decisions, emphasizing fairness and de-emphasizing technicalities.

Equity Financing (Lending) is investment in the equity in leveraged or unleveraged real estate by investors. These investors are usually institutional and may or may not have provided the mortgage financing.

Equity of Redemption is the right of borrower to repay a loan that was in default and retain possession of the property.

Estates is an abstract legal right. Estates are interests and rights of ownership.

Estoppel Certificate is legal certificate usually issued by a condominium corporation. It indicates details of the project and is given to the lender / purchaser or tenant. Delivery of the certificate prevents anyone from claiming a different set of facts at a later date.

Excel by Genworth Financial Canada is the automated mortgage insurance evaluation system of Genworth Financial Canada.

Existing Mortgage is a mortgage loan that is already in place when the property is being sold. The buyer may have the option of taking over assuming the mortgage or taking out a new one, depending on whether or not the mortgage is assumable.

Expandability is a feature available is some mortgages. It allows the borrower to increase or expand the principal on a first mortgage at the lender's agreed upon interest rate.

Expropriation involves taking private property for public use, with fair compensation to the owner, through the exercise of the right of eminent domain.

Extended Coverage Endorsement is an endorsement that may be attached to fire insurance policies. It generally includes coverage against the peril of windstorm, hail, explosion, riot, civil commotion, damage by aircraft or vehicles and smoke.

Extension Agreement is an agreement extending a loan past the original maturity date.

Extent of Title are the quantitative factors that determine and affect ownership of land. They include boundaries, improvements, area of land, etc.

Exculpatory Clause is a clause in a contract holding one party harmless in the event of some default.

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Walter Pawlowski Ontario Mortgage Agent M11002486