equity

The value of property after subtracting the money still owed on it.

• Our home equity has increased.
• She used the equity in her house to secure a loan.
• Paying off the mortgage builds equity.

How to use it: equity in something (They have substantial equity in their house.)

Similar words: net value

Common phrases: home equity, equity in something, build equity

Fair treatment that takes people's different needs and situations into account.

• The policy aims to improve equity.
• They studied equity in access to education.
• The committee considered both efficiency and equity when distributing funds.

Similar words: fairness, justice

Opposites: inequity

Common phrases: social equity, racial equity, equity in education

A court's power to provide fair solutions when ordinary legal rules do not give enough protection.

• The court granted relief in equity.
• The judge considered whether equity could provide a remedy.
• Her claim relied on equity rather than ordinary damages.

Common phrases: court of equity, relief in equity, law and equity

A right arising from a transaction that can be used when circumstances change.

• The transaction created an equity in her favor.
• He sought to enforce that equity after circumstances changed.
• The court examined the equities arising from their agreement.

How to use it: equity arising from something (She asserted an equity arising from the earlier transaction.)

Similar words: equitable right

Common phrases: an existing equity, enforce an equity, equity arising from