Determining liquid-vapor phase equilibrium is often required in multiphase flow computations. Existing equilibrium solvers are either accurate but computationally expensive, or cheap but inaccurate. The present paper aims at building a fast and accurate specific phase equilibrium solver, specifically devoted to unsteady multiphase flow computations. Moreover, the solver is efficient at phase diagram bounds, where non-equilibrium pure liquid and pure gas are present. It is systematically validated against solutions based on an accurate (but expensive) solver. Its capability to deal with cavitating, evaporating and condensing two-phase flows is highlighted on severe test problems both 1D and 2D.