E
EASEMENT
The right of a person over another person's piece of land (e.g. right of way).
ENVIRONMENTAL SEARCH
A search against a property to check whether there is any record kept to suggest
that the property may be affected by contamination.
EQUITY
Usually means the difference between the value of a property and the amount owned
to the mortgagee.
EXCHANGE OF CONTRACTS
The formal exchanging of the two parts of the contract when the seller and buyer
become legally bound to complete on an agreed date and in the case of the seller,
to move out of the property.