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Equity
Equity The difference between the market value of a property and the amount still owed on the mortgage.
RELATED TERMS--------------------------------------
Market
A place where goods can be bought and sold and a price established.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
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.
Mortgage
A legal document pledging property as security for the payment of a loan.
SIMILAR TERMS--------------------------------------
Equifax
One of the Big Three credit bureaus, along with Experian and Trans Union.
Equitable lien
A lien arising out of common law—in contrast to a statutory lien, which is imposed on property by statute.
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 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--------------------------------------
Equifax
One of the Big Three credit bureaus, along with Experian and Trans Union.
Equitable lien
A lien arising out of common law—in contrast to a statutory lien, which is imposed on property by statute.
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
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.
ERISA (Employee Retirement Income Security Act)
Legislation passed in 1974 and administered by the Department of Labor that controls the investment activities primarily of corporate and union pension plans. More public pension funds are adopting ERISA-like standards.
This dictionary contains 6433 terms. |
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