Glossary   

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E
Electricity Charges
There are three methods that landlords use to charge for electricity: directly metered electric, sub-metered electric and rent inclusion.

Eminent Domain
The right of government or quasi-government agencies to take private property for a necessary public use, with just compensation paid to the owner.

Encumbrance
Any claim or lien attached to and binding on real property that may lessen value, obstruct, or impair the use of a property, that may or may not prevent transfer of title, and/or right or interest in property.

ERIF
Electric Rent Inclusion Factor.

Escalation
The rent increase, calculated in accordance with the specific method formula agreed upon in the lease to pay for building operating expenses.

Escrow
The process where a disinterested third party holds money and/or documents until the terms and conditions of the instructions (as prepared by the parties to the escrow) have been met.

Estoppel Certificate
A signed statement by a party, such as a tenant or mortgagee, verifying for the benefit of another party that a certain statement of facts is correct as of the date of the statement, such as that a lease exists, that there are no defaults and that rent is paid to a certain date. Delivery of the statement by the tenant prevents (estops) the tenant from later claiming a different state of facts.

Exclusive Agency
A written agreement giving a sole agent the right to sell or lease a property for a specified time, but reserving to the owner the right to sell the property himself without owing a commission.

Exclusive Broker
The representative of the tenant, purchaser or owner who is granted the exclusive right to negotiate a transaction on that party's behalf.

Exclusive Listing
A written listing of a real property where the seller agrees to appoint only one broker to sell or lease the property for a specified period of time.

Execute
The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. In some cases, implementation of a document may refer solely to the act of signing; in other cases it may refer to complete performance of the documentís term.

Expansion Option
The right of the tenant to lease additional space under specified terms and conditions.