E.B.I.T.D.A
Earnings before interest, tax, depreciation and amortization.

earnest money
A sum deposited, before an agreement is binding in law, by one of the parties with the other as an indication of his good faith and his intention to honor the terms of the agreement, eg., a pre-contract deposit.

easement
The right, either expressed or implied, that one has over another person’s property.

eaves
That part of a roof that extends beyond the walls of a building.

economic life
The time during which an asset continues to give financial returns.

economic obsolescence
The decline in value of a property due to its condition.

economic rent
Market value of rent at a given point of time.

economical housing
A relatively cheap apartment catering to families or individuals with lower incomes, in which the price is dominated or guided by the government.

effective age
The estimation of the age of a building based on its condition, and not chronological age. Obviously, better maintained buildings will have a lower effective age than others.

effective rent
Actual rent plus other expenses like maintenance and other service charges that increase the total outgoing for the tenant.

effective rental
Rental paid by a tenant after taking into account incentives offered in the leasing of space.

effluent
Liquid industrial, urban or human waste that flows through sewers.

egress
The action of leaving or exiting a property. Also means the right to use another person’s land or property.

elevation
The view of the frontal façade of a building, or the height of a place above sea level.

eminent domain
Right of the state or any of its instrumentalities to take private property for public use upon payment of just compensation.

encroachment
Unauthorized extension of the boundaries of a piece of land over adjoining land which belongs to another.

encumbrance, incumbrance
Claims or liens on a building or property.

end loan
The post-completion loan on a property.

endorsement, indorsement
The transfer of a note or check by the holder of the same to another by the act of signing on the back of the said instrument.

entire agreement
An agreement that includes the attached exhibits/ annexures and constitutes the entire agreement between the landlord and the tenant with respect to the demised premises.

entity
A separate identity, as of a company or body corporate.

entrance
The point of entry into a house, room, compound or enclosed area.

environment
The area surrounding a property.

environmental heritage
Those features of the environment (both natural and manmade) which are considered worthy of statutory protection.

environmental impact report
Study on the impact of a project on the environment of an area or a region.

environmental laws
Means all central, state and local statutes regulations and ordinances and/or notification relating to the regulation or protection of the environment or health or safety.

equity linked mortgage
A title deed of a property that is held as a mortgage without any transfer of title.

equivalent yield
It is a weighted average of the initial yield and reversionary yield and represents the return a property will produce based upon the timing of the income received. In accordance with usual practice, the equivalent yields (as determined by the group’s external valuers) assume rent received annually in arrears and on gross values including prospective purchasers, cost.

escalation clause
A clause in a lease agreement or an agreement for sale providing for an increase in rent or an increase in the price of an apartment or building in the event of certain event or events happening.

escrow
A deed which is signed, sealed and conditionally delivered but does not become operative until the condition has been fulfilled. In the meantime it is usually held by a third party.

estate
1) An interest held in land. Such interest is generally classified as either freehold or leasehold.
2) In common usage, synonymous with land eg. estate agent.

estate agent
One who acts for, and usually advises, a principal in respect of transactions involving real estate, eg., sales purchases, lettings, etc.

estimated useful life
The period of time over which the owner of an asset estimates that that asset will continue to be of productive use or have continuing value.

ex gratia
As a favor, i.e., something done without legal obligation or admission of liability.

ex gratia payment
A discretionary payment, usually one made to a payee who has no strict entitlement to compensation.

excavate
To dig up the earth in order to reveal what lies beneath.

exception
Exclusions in an insurance policy.

excess rent
Rents which are greater than the fair rental value of a property.

exchange of contracts
The first formal and legally enforceable step in the disposal of real property, i.e., when the parties duly sign and exchange copies of a document embodying the terms of the deal.

exclusive agency agreement
An agreement that prohibits a principal from appointing more than one agent. An agreement that gives an agent exclusive rights to deal on behalf of a principal.

exclusive listing
Contract between principal and broker wherein the former agrees to pay the latter a certain sum of money regardless of whether the latter plays a role in the execution of the transaction.

execute
To complete a transaction.

execution
The act of signing a document in such a way as to make it legally enforceable. In the case of a deed this is achieved in the time-honored way of signing (in the presence of witnesses), sealing and delivering.

executor
The person appointed by a testator (maker of a will) to carry out instructions contained therein.

expansion option
Lessee’s right to take additional space within the building.

expenses
Costs.

expenses of sale
Cost of services required for selling an asset.

expert testimony
Evidence or testimony given by a person who is an expert in that field.

expert witness
A person with special experience, knowledge of or skills in a subject whom a court will accept as such and allow to attest to facts and give an opinion.

export processing zones
Established specifically for the manufacture and export of finished product designed for export.

exposure
Extent to which a property is brought to public notice through advertising. Also, the extent of financial involvement in a project.

express condition (MYS)
A condition created and explicitly stated within a land title stipulating the condition of the use of a land.

expropriation
Eminent domain or nationalization.

extended coverage
Insurance term meaning coverage that extends beyond that provided by a standard policy.

extension
The continuation of an agreement under existing terms and conditions.

extension of mortgage
The extension of a mortgage.

extension of time
An agreed addition to the activity or project program due to a delay (may or may not have cost implications).

exterior
The outside of a building.

exterior finish
The outside facing of a building.

exterior wall
Outer wall of a building that is exposed to the atmosphere.

external valuer
For the purpose of asset valuations, a qualified valuer who is not an internal valuer and where neither they nor any of their partners or co-directors are directors or employees of the company or another company within a group of companies or have a significant financial interest in the company or group, or where neither the company nor the group has a significant financial interest in the valuer’s firm or company.