what is the difference between legal and equitable title?
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Title to a property can be split into legal title and equitable title. ... Legal title is transferred from one person to another by a deed. On the other hand, the holder of the equitable title has the right to the use, enjoyment, and benefit of the real estate.
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The register records the ownership of the legal estate in the property, not the underlying ownership (the 'equitable' or 'beneficial' interests). ... A beneficial owner is a person entitled to the benefit of the land and on their death the equitable interest may not pass in the same way as the legal ownership does.
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In unregistered land, a legal lease binds the world, whereas an equitable lease is vulnerable to third parties if not registered as a Land Charge. In registered land, a properly protected (by registration or over-riding status) legal lease is all but invulnerable to third parties.
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In contrast, an easement in gross is for the benefit of a specific person in the real property of another, is not assignable or inheritable, and does not pass with the land. A license, on the other hand, only gives permission to do a particular act or series of acts on another's property.
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“Sectional title simply describes the separate ownership of a unit within a complex or development,” says Dyer. This is in contrast to a freehold, or 'full title', where you purchase full ownership rights to a property, including the building and the land upon which it's built.
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Intellectual property is different from physical property. The “thing” that one has a right to is an idea rather than something physical like a car. A company might own the patent to a vehicle's design without being able to claim a property right to each individual car of that type.
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"Equality is about sameness; it focuses on making sure everyone gets the same thing. Equity is about fairness; it ensures that each person gets what [the person] needs. This distinction is especially important in education, where there are visible gaps in opportunities and outcomes for large numbers of students...
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Equity is what is just and fair. Justice describes the act of finding equity.
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The main difference between community property and equitable distribution is that in community property states, there is an absolute 50-50 split of all property acquired during the marriage. In equitable distribution states, more assets may be considered “marital property,” but the split is not necessarily 50-50.
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An easier way to distinguish between real rights and personal rights is to keep in mind that real rights establish a legal relationship between a thing/property and a person, whereas personal rights establish a legal relationship between two persons (the relationship between the two persons could be relating to ...
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When you get divorced, community property is generally divided equally between the spouses, while each spouse gets to keep his or her separate property. Equitable distribution: In all other states, assets and earnings accumulated during marriages are divided equitably (fairly) but not necessarily equally.
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New Jersey is an equitable distribution state which means that, in the event of a divorce, the marital property is not automatically split 50-50. Rather, equitable distribution is defined as the division of marital assets in a manner that is fair but not necessarily equal.
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A legal mortgage is the document that accurately outlines your financial obligation to the mortgagee and legally complies with the requirements of the property's jurisdiction. If any part of a mortgage document is incorrect or missing, which renders it an invalid legal document, it becomes an equitable mortgage.
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Get started Ask a Lawyer a Question You'll hear back in one business day. Title is the legal way of saying you own a right to something. For real estate purposes, title refers to ownership of the property, meaning that you have the rights to use that property.
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A title is the legal right to use and modify the property how you see fit, or transfer interest or any portion that you own to others via a deed. A deed represents the right of the owner to claim the property. As opposed to the title, that describes who is the ultimate holder of the property.
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By definition, equality means “the state of being equal, especially in status, rights, and opportunities.” Equity means “justice according to natural law or right” or “the quality of being fair and impartial.” So what does this mean in the workplace?
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Equality is typically defined as treating everyone the same and giving everyone access to the same opportunities. Meanwhile, equity refers to proportional representation (by race, class, gender, etc.) in those same opportunities.