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Equitable lien
Equitable lien A lien arising out of common law—in contrast to a statutory lien, which is imposed on property by statute.
RELATED TERMS--------------------------------------
Lien
A charge or claim by one party on the property of another as security for the payment of a debt.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Statute
A law established by an act of a legislature.
SIMILAR TERMS--------------------------------------
Equifax
One of the Big Three credit bureaus, along with Experian and Trans Union.
Equitable redemption
A defaulted property owner recovering his or her property prior to its sale by curing the default.
Equitable right of redemption
The right of a defaulted property owner to recover the property prior to its sale by paying the appropriate fees and charges.
Equitable title
The interest held by a vendee under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in another's name.
Equity
The difference between the market value of a property and the amount still owed on the mortgage.
Equity loans
A loan based on a percentage of the equity a borrower holds in a collateral property.
Equity release
This occurs when the homeowner takes out a mortgage on the property despite fully owning the house.
Equity trust
An investment trust dealing with ownership rather than financing.
Equivalent level rate (ELR)
Flat rate per square foot that will equal the same total present value as a proposed lease's variable cash flows.
PREVIOUS AND NEXT TERMS--------------------------------------
Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
Equal dignities rule
A rule of agency law that stipulates that when a contract is required by law to be in writing, the authority of an agent to enter into such a contract on behalf of the principal must also be in writing.
Equalization
In some jurisdictions, when it is necessary to correct inequalities in state wide tax assessments, an equalization factor is used to achieve uniformity.
Equalization factor
A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments.
Equifax
One of the Big Three credit bureaus, along with Experian and Trans Union.
Equitable lien
Equitable redemption
A defaulted property owner recovering his or her property prior to its sale by curing the default.
Equitable right of redemption
The right of a defaulted property owner to recover the property prior to its sale by paying the appropriate fees and charges.
Equitable title
The interest held by a vendee under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in another's name.
Equity
The difference between the market value of a property and the amount still owed on the mortgage.
Equity loans
A loan based on a percentage of the equity a borrower holds in a collateral property.
This dictionary contains 6433 terms. |
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