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Equitable.
Equitable.
Equitable.
Equitable.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoEquitable.
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What is the difference between equitable title and legal title?
distinction between legal and equitable title
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.
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.
Is a title company required to clear or correct title to a recreation area owned by an association if the association made an error in interpreting CCRs?
Although there are few details provided it is not likely. If the association incurred legal costs due to its own error it must pay the legal costs to rectify its mistake. That would not constitute a title defect.Although there are few details provided it is not likely. If the association incurred legal costs due to its own error it must pay the legal costs to rectify its mistake. That would not constitute a title defect.Although there are few details provided it is not likely. If the association incurred legal costs due to its own error it must pay the legal costs to rectify its mistake. That would not constitute a title defect.Although there are few details provided it is not likely. If the association incurred legal costs due to its own error it must pay the legal costs to rectify its mistake. That would not constitute a title defect.
Who keeps legal title under a land contract until all the terms of the contract are met?
A Vendor
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.
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 the different between equitable fee simple and legal fee simple?
Fee simple usually means you have a deed reciting full ownership of the appurtenant rights in the property. Equitable title means you only have a contract right to sue for specific performance (in equity) to obtain the property deed. In other words, fee simple is the deed, and equitable title is the right to obtain the deed in court.Other Perspectives:If the town takes your property for failure to pay your property taxes you have an equitable interest until your rights of redemption have been barred by a court decree. If you pay your delinquent taxes before a decree is entered your fee ownership will be restored.Suppose your mother died owning a home and you are her only heir. She left the property to you by her will. Until her will is probated you only have an equitable interest in the property and not a fee simple interest. In order for you to acquire legal title, a fee simple, her estate must be probated.
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.
Your son is going to take over paying your mortgage Can he deduct the interest on his taxes Does his name have to be on the loan the title both or neither?
Again - he can't just pay a mortgage on anyones house and claim the deduction...it has to be his residence. Then if he is paying it, on the title or not, there are court cases saying that basically he paid the interest to you and you paid the mortgage. But again...you better be able to prove it is his home.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 cosigner have legal rights to a vehicle if his name is not on the title?
It depends on local/state laws and what the original contract stated.
