Equity In Property
Definition of "Equity in property"
Amount by which the appraised value of property exceeds the debt balance. If property has a fair market value of $ 250,000 while the mortgage balance is $110,000, the owner's equity in the property is $140,000.
Popular Real Estate Terms
Indicators reflecting future changes in economic conditions; referred to as the Composite Index of 11 Leading Indicators. This index indicates the direction of the economy in the next six ...
The reason a property appraisal is being made. The purpose of the appraisal is the first step in the appraisal process. The purpose of the appraisal should answer several questions: ...
Ability of the size of the land to accommodate the desired economic purpose. An example is having enough space to build a supermarket to meet the needs of the community. ...
Underground pit or tank used to store sewage. ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
Individually owned lots and houses with community ownership of common areas. ...
Lender (such as a bank) that has the property of the borrower as collateral (security, lien). If the mortgage is not paid, the property may be sold to make payment on the outstanding ...
Building that is elaborately built with columns in a symmetrical way, generally with three floors and a gabled roof. ...
Large scale map of an urban area detailing land use. City plans are essential for projecting the growth, development, and redevelopment of the urban area. The major objective of a city plan ...
Have a question or comment?
We're here to help.