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Canadian Real Estate / Mortgage Glossary : E

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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 All

 E-cheque or E-check (U.S.)
An electronic version or representation of a paper cheque. The account holder writes an e-check (or e-cheque) using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-checks are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-checks are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-check, receives credit, and the payee's bank clears the e-check to the paying bank. The paying bank validates the e-check and then charges the cheque writer's account for the cheque.

A system used to conduct business transactions of buying and selling goods and services over a computer network

 Early Closing Cost Reimbursement
Some line-of-credit lenders waive underwriting costs when a line is opened in anticipation of future profits. If a line is then closed early, these institutions impose those fees retroactively.

 Early Occupancy
A condition in which the seller allows the buyer to move in before the sale is closed.

 Early Termination Charge
Charges that the leasee must pay if the car is turned in early before the term of the lease is over.

 Early Withdrawal Penalty
A depositor forfeits interest or is assessed a service charge for withdrawing funds from or closing out a time deposit before its maturity date.

 Earned and Unearned Income
Two different sources of income: earned income comes from wages, salary or business profits; unearned income comes from sources such as interest, dividends, rental income and pension benefits.

 Earned Income
All the money you earn. This includes any wages, salaries, tips, net earnings (if you're self-employed) and any other income received for personal services. Investment income, such as dividends and interest, is not counted as earned income. See also "Unearned Income."

 Earnest Money
Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.

A right of way giving persons other than the owner access to or over a property.

 Economic Growth
The rate of change in output from one year to the next.

 Economic Indicators
Statistics that help determine how the economy is faring. They include the Consumer Price Index, housing starts, and unemployment rates, among others.

 Effective Age
An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.

Electronic funds transfer (EFT) at the point of sale (POS). A payment option which allows consumers to pay for purchases by transferring funds directly from their accounts to a merchant's accounts.

 Electronic Cash
Also known as e-cash. A system used to transfer cash over the Internet to pay for goods and service.

 Electronic Commerce
A system used to conduct business transactions of buying and selling goods and services over a computer network.

 Electronic Data Interchange (EDI)
EDI is a system that companies use to exchange business information electronically, virtually eliminating paperwork.

 Electronic Filing
Taxpayers can now file their tax information with personal computers and tax preparation software. The information goes directly to Revenue Canada and they can directly deposit refunds into the taxpayer's bank account.

 Electronic Funds Transfer
The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.

 Employment Equity Act
A federal statute that requires employers with 100 or more employees to eliminate any practices in the workplace discriminating against four designated groups of people who have historically been disadvantaged in the labour market: women; people who, by reason of race or colour, are members of visible minority groups; aboriginal peoples; and persons with disabilities.

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