What is the meaning of the words "full equity" and "complete equity" in a mortgage agreement?

British Columbia, Canada


The following excerpt is from Thu v. Thu, 1979 CanLII 538 (BC SC):

Counsel for the plaintiff argues that, as neither the plaintiff nor the defendant considered the sale of the property at the time that the agreement was entered into, and as the agreement is silent in that respect, I should adopt the wording used in the Mastron v. Cotton decision, supra, and make such an order "as will do complete equity between the parties" [p. 768]. On the other hand, counsel for the defendant argues that the agreement clearly states that the wife is to pay the mortgage, taxes, utilities and maintenance costs and, as she has agreed that the agreement was fair to both parties at the time it was signed, it could not be said to be unconscionable. Therefore she is not entitled to set off any portion of the mortgage payments or any other payments that she may have made with respect to the house.

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