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Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
[2] [3] The registered owner of a property in question is normally presumed, sometimes conclusively, to be the legal owner of the property and is said to “hold the title” or is “registered on the title”. Ownership of property usually implies a right of possession, as opposed to the party that has right of property.
A lease buyout title transfer is vital to your ownership of your leased vehicle. While your lease contract is still in effect, the vehicle belongs to your leasing company or the bank or financial ...
If the title says the first person's name followed by the word "and" before listing the second person's name, then both parties must sign the vehicle title. 2. Create a Bill of Sale
The name "pink slip" has its origin in California certificates of ownership before 1988, which were printed on pink paper. Current California titles have broad vertical stripes of teal, yellow, and pink with a green border; while Illinois titles are blue, pink, and blue with a purple border; Pennsylvania and Nevada titles are blue with a blue ...
The objective of the title search is to establish clear, marketable title by exposing any outstanding claims prior to the transfer of title. The process of resolving any issues on the title is known as "clearing the title." [2] Each recorded document must name the parties involved, e.g., grantor and grantee.
In the transfer of real estate, a deed conveys ownership from the old owner (the grantor) to the new owner (the grantee), and can include various warranties. The precise name and nature of these warranties differ by jurisdiction. Often, however, the basic differences between them is the degree to which the grantor warrants the title.
Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property. Ownership is the key building block in the development of the capitalist socio-economic system. [1]