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Glossary Of Terms
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Easement
A legal right regarding a property, such as a right of way.
Equity
The difference between the amount owed on a mortgage and the current value of the property. If property prices fall, a situation of negative equity can occur.
Euribor (Euro Interbank Offered Rate)
The established benchmark rate of the euro money market. It was created in 1999 with the introduction of the European single currency.
Exchange of contracts
The point when a deal between buyer and developer becomes legally binding, but before completion. The date of completion will be set, as well as the price of the property and what fixtures and fittings, if any, are included.