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Equivalent level rate (ELR)
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.
RELATED TERMS--------------------------------------
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
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
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.
PREVIOUS AND NEXT TERMS--------------------------------------
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)
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.
Erosion
The gradual loss of soil due to the operation of currents, tides or winds.
Errors and omissions insurance
Malpractice insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
Escalation clause
A clause in a lease providing for an increased rent at a future time due to increased costs to lessor, as in cost of living index, tax increases, etc.
Escape clause
1) A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. 2) A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease.
This dictionary contains 6433 terms. |
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