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Glossary

 
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Glossaries

Term Definition
Earn-Out Note
A form of promissory note intended to vary the payout to the seller in accordance with the business's future performance.
Easement
A property right enabling one party to use the land of another as a matter fo title which runs with the land.
Eminent Domain
A taking by the local land use authority requiring just compensation under the United States constitution.
Employees
A person subject to an employment agreement, whether written or oral.
Employment Agreement
A contract to engage an individual on a W-2 payment basis.
Escalation Clause
A clause allowing rents to increase over the term of the lease.
escheat
The possibility that unclaimed property will be taken by the state if it cannot be allocated to a beneficiary or heir after the original owner's death.
Estate Tax Exemption
The amount of the gross estate under which there is not estate tax. Currently, this is $5,000,000.00, but it changes frequently.
estoppel
A notion that a promise made can be relied upon to one's detriment because the promise is assumed to be true.
estoppel certificate
A document assuring a purchaser of property that tenants are not owed anything by the seller of the building.
eviction
Legal action taken to remove a tenant following breach of their lease.
executor
The person in charge of ensuring a will's terms are carried out (male)
executrix
The person in charge of ensuring a will's terms are carried out (female)