Equity in real property is the surplus value that
remains after a property has been disposed of to the satisfaction of liens
holders. It is often said that equity
is administered according to the fairness contrasted with the strictly
formulated rules of common law. It is
based upon a system of rules and principals which originated in England as an
alternative to the harsh rules of common law, which were based on what was fair
as in a particular situation. Relief
was more adequately administered in the court of equity as oppose to a court of
law.