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Engrossment: the formal and final version of a document prepared by a solicitor in readiness for signing and sealing following agreement of the final draft between the parties.

Equitable Interest: legal rights in a property that do not include the right to sell its legal title.

Exchange of Contracts: the stage when the buyer and seller exchanged signed, binding contracts of purchase and sale. Both then become committed to complete the transaction.

Equity: this is the monetary value of a property or business beyond any amounts owed on it in mortgages or other claims.

Excess: this is the sum of money, agreed in advance, that the claimant is expected to pay out themselves prior to receiving the rest of the amount as an insurance claim for losses incurred.

Exchange of Contracts: this is the point at which signed contracts are physically exchanged, signifying a legal commitment from both the buyer and seller to the purchase and sale of a property under the agreed terms.

Execution: signing, sealing and delivering a deed in front of an independent witness.