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What the different between equitable fee simple and legal fee simple?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 11y ago
Wiki User
∙ 16y agoThe most common example is land owned by a trust. The trustee has legal title to the property. Only the trustee can convey the property by a valid deed. The beneficiaries of the trust have an equitable interest in the property but cannot sell it. A deed from the beneficiaries wouldn't be a valid deed and would not be acceptable to a buyer. They would be entitled to profits from the property or to the proceeds from its sale.
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What is the difference between equitable title and legal title?
distinction between legal and equitable title
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 is equitable fee simple?
Fee simple is the highest form of ownership of real property. Fee simple is absolute ownership. The owner in fee simple can sell the property or if they die while owning property it will pass to their heirs upon death by their will or by the laws of intestacy.An equitable fee simple would be an interest in real property that is something less than absolute ownership or fee simple. For example:A decedent died having a will and leaving their real property to their only child. The estate must be probated in order for legal title (fee simple) to pass to that child. If the estate is not probated that child would only own an equitable fee simple interest in the property. Their ownership would not be perfected until the parent's estate is probated.
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.
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.
Is recission a legal or an equitable remedy?
Rescission is considered an equitable remedy. It allows a contract to be cancelled and parties to be restored to their pre-contractual positions. It is typically granted by a court to prevent unjust enrichment or unfair outcomes.
Equitable interest and legal interest?
Equitable interest refers to a person's right to benefit from a property, in contrast to legal interest which refers to the actual ownership of the property. Equitable interests arise from equitable principles and may include rights like a beneficial interest under a trust. Legal interests are recognized by law and provide clear ownership rights over a property.
What is the different between political and legal in pestel framework?
what is the different between political & legal in PESTAL framework
Is an interim injunction a legal or equitable remedy?
Injunctions are equitable remedies, they are not remedies which the claimant has a right to and are therefore given at the discretion f the court.
In a given case most courts may grant?
legal remedies, equitable remedies, or both
What is the difference between a legal lease and an equitable lease?
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.
