0
What is the difference between a legal lease and an equitable lease?
Wiki User
∙ 14y ago
Suppose the testator left all her property IN TRUST with the profits to be paid over by the trustee to her son during his life, then the property would pass to HIS children at his death. In that case, the son would have an equitable life estate. If the testator granted her son the right to use the property and receive the profits from it during his life with the property to go to his children at his death then he has a legal life estate.
Wiki User
∙ 15y ago
Wiki User
∙ 14y agoIn property law, an equitable lease is an agreement to grant interest in land with terms corresponding to a legal lease, but without complying with the formalities required of a legal lease. Equitable leases come into being through contracts. But legal leases require deeds, which are registered if the time exceeds seven years.
By being based upon a contract rather than a deed, equitable leases are more fragile than legal leases in their existence as well as their enforceability. Also, an equitable lease, not involving the transfer of a legal estate, doesn't offer the benefit of transfer of easements.
For a discussion of these differences, go to www.oup.com/uk/orc to see Oxford University Press Online Resource Centre discussion of land law under Sayles: Land Law Concentrate. Also see "Equitable Lease Walsh v. Lonsdale" at law.jrank.org.
Add your answer:
Earn +20 pts
What is the difference between equitable title and legal title?
distinction between legal and equitable title
What is the difference between operational lease and finance lease?
The key difference between a finance lease and an operating lease is whether the lessor (the legal owner who rents out the assets) or lessee (who uses the asset) takes on the risks of ownership of the leased assets. The classification of a lease (as an operating or finance lease) also affects how it is reported in the accounts. The differentiation is mostly important for accounting , taxation and financial reporting purposes.
What is the difference between Finance lease and operational lease?
The key difference between a finance lease and an operating lease is whether the lessor (the legal owner who rents out the assets) or lessee (who uses the asset) takes on the risks of ownership of the leased assets. The classification of a lease (as an operating or finance lease) also affects how it is reported in the accounts. The differentiation is mostly important for accounting , taxation and financial reporting purposes.
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
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 the legal age to sign lease in bloomsburg pa?
The legal age to sign any legally binding contract is 18 in the United States of America. A lease is considered a contract between the tenant and the landlord.
Can a court grant legal remedies or equitable remedies?
Yes, a court can grant both legal remedies, such as monetary damages, and equitable remedies, such as injunctions or specific performance. Legal remedies aim to compensate for losses, while equitable remedies seek to address broader issues of fairness and justice.
What is the difference between legal and educational definitions for hearing impaired?
What is the difference between legal and educational definitions for hearing and visual impaired.
Is recission a legal or an equitable remedy?
Rescission is an equitable remedy. Legal remedies deal in monetary damages. Rescission of a contract puts both parties back into their position before the contract.
What is the difference between Compliance and legal?
The difference between compliance and legal is that compliance means you obey by the rules of your company, you do what you are told to do. Legal means you abide by the laws of the state.
How do you add your underage brother to your apartment lease?
You cant...You must be of legal age to sign any legal document. A lease is a legal document.
