New York Real Estate Glossary E
(Equity - Evidence of Title)
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| A3 | A4 | B1 | B2 | B3
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| H2 | I1 | I2
| J | K | L1
| L2 | L3 | M1
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| O1 | O2
| P1 | P2 | Q
| R1 | R2 | S1
| S2 | T1 | T2
| U | V1 | V2
| W1 | W2 | X
| Y | Z
The value of a property after existing liens (mortgages, etc.) are deducted.
Financing of a home based on how much equity the homeowner has in it.
Lender has an equity interest in the property that is the subject of
the loan. This is in addition to principal and interest payments on
the mortgage. The lender shares in the increase in market price of the
property as well as any net income generated.
Equity in Property
Amount by which the appraised value of property exceeds the debt balance.
If property has a fair market value of $400,000 while the mortgage balance
is $50,000, the owner's equity in the property is $350,000.
Equity Rate of Return
Return before taxes on the capital invested in real estate property.
Provision in a contract that allows one or more of the parties to cancel
all or part of the contract if certain events or situations do or do
Total assets of a person at the time of death, including real estate
Estimated Closing Costs
An estimate of the expenses incidental to the sale of real estate, including
loan, title, and appraisal fees. These costs exist in addition to the
price of the property and are paid at closing. Some are one-time expenses
and some are recurring.
Estimated Property Taxes
An estimate of property taxes to be paid. Amount is based on local tax
rates and assessed property value (based on most recent sale price plus
Evidence of Title
Document, such as a deed, which demonstrates property ownership.