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What is the difference between equitable title and legal title?
Wiki User
∙ 11y ago
distinction between legal and equitable title
Wiki User
∙ 11y ago
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Does a contract for deed constitute legal or equitable title?
Equitable.Equitable.Equitable.Equitable.
What are the differences between Legal and Equitable Rights?
Legal RightLegal rights are recognized by the courts of common law.A registered mortgage is a legal mortgage.These are certain rights.Where these two rights conflict, legal rights prevail.Equitable RightEquitable rights are recognized by the courts of chancery.A mortgage of property by simply keeping the title deeds with the creditor is an equitable mortgage.These are uncertain rights.When these two rights conflict with each other, equitable rights become weaker than legal rights.
What is difference between marketable title and insurable title?
What is difference between marketable title and insurable title?
What does a trust?
Allows one group to control many companiesA trust is a legal vehicle whereby the legal title and the equitable title to the property comprising the trust res is split between a trustee and a beneficiary. The conveyance of property into a trust functions to put the trust res at arm's length from both the grantor and the beneficiary for various reasons, both legal and capricious.
Who has the legal title of the property in a trust?
Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.
Is Nevada a title theory state or a lien theory state?
Nevada is a lien theory state. In "title theory" states, actual "legal title" to the property temporarily passes to a trustee to secure the debt. The borrower (grantor), retains possession rights and "equitable title" and has full use of the property for the mortgage term. When the loan is paid off, legal title is restored without the necessity of a reconveyance. In "lien theory" states, the lender (mortgagee) places a "lien" on the mortgaged real property while the borrower retains both "equitable" and "legal" title.
What does trust do?
Allows one group to control many companiesA trust is a legal vehicle whereby the legal title and the equitable title to the property comprising the trust res is split between a trustee and a beneficiary. The conveyance of property into a trust functions to put the trust res at arm's length from both the grantor and the beneficiary for various reasons, both legal and capricious.
To deduct mortgage interest do you need to be on the loan or the title?
Certainly on the loan, for property you occupy. An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
Does a trust arise when legal and equitable title are merged?
Generally, when legal and equitable title are merged there is no trust. There is a merger of title that would result in the invalidation of a trust if, for example, the trustor, trustee and beneficiary were one and the same person. A person who is contemplating a trust should always consult with an attorney who specializes in trust law in the state and who has a good reputation. State laws vary and trusts must be carefully drafted to comply with federal tax laws. If a trust fails, the property remains vulnerable to creditors, taxes and the property will be part of a decedent's probate estate. Trust errors can be costly to correct if they can be corrected.The essence of a trust is splitting the legal and equitable interests.
Who holds the tax benefits legal title or equitable title on a real estate contract?
A contract to purchase real estate gives the buyer no rights in the property except the right to purchase it. Title remains in the property owner until transferred by a deed of conveyance.
What is the difference between legal and beneficial ownership?
The legal owner is the owner who has title to a certain asset. However, he can hold this on a trust or nominee basis, for somebody else. This other person is the beneficial owner.
What is the difference between a header and a title on a report?
what is the difference between titles and headings in general.
