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Glossary

Words

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Currently displaying definitions for words starting with - E

Easement
A right which a person has to use land belonging to another in a particular manner not involving the taking of any part of the natural produce of that land  or of any part of its soil; or a right to prevent the owner of that land from using his land in a particular manner. This right must be appurtenant to (ie attached to) another piece of land, called the dominant tenement. The most usual easements are rights of way, easements for light, easements for the flow of water over and through anothers land, and easements of support.
Economic Obsolescence
A decline in the market value of property due to any external influence, such as zoning regulations or a deteriorating neighbourhood. Apart from circumstances mentioned, buildings, which are unsuitable due to design or generally inadequate to suit current requirements, will suffer from economic obsolescence.
Economic Rent
In real estate the term refers to the market rental ie the rental income that a property would most probably command on the open market at a given time. It represents a rental rate that comparable properties are bringing.
Encroachment
An unlawful gaining upon the possession of a neighbour. An encroachment is usually in the form of a fence, or portion of a building, erected by one person upon land of his neighbour; or a structure overhanging the land of a neighbour. An encroachment may similarly occur upon a street.
Encumbrance
An interest or right in real property which diminishes the value of the fee but does not prevent conveyance of the fee by the owner. Any impediment to the use or transfer of land, including such things as easements, mortgages, caveats, notices of intention to resume, leases etc. which are usually registered on the title.
Estoppel
A conclusive admission which a party is not allowed to say is untrue, whether in reality it be true or not. Estoppel is of three kinds. The first is estoppel of record, where a Court of Law has finally determined a certain matter. The second is estoppel by deed, which occurs where, in a deed between parties, certain statements are made which are binding upon one or both of the parties. The third is called estoppel in pais, whereby the acts of the parties, or one of them, prevents them or him of denying a certain fact. A common example is in the case of landlord and tenant, whereby the payment and acceptance of rent normally prevents the landlord from denying the tenancy, or the tenant from denying his landlords title.
Expropriate
To take over possession or ownership rights, as when the government assumes control of privately held land under right and power of eminent domain.


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