The difference between equitable title and legal title

Do you know the difference between equitable title and legal title? Julie Nesbitt

Equitable title is conveyed to the buyer when the seller signs the offer to purchase. A ratified sales contract creates equitable title. After closing and accepting the deed, the buyer receives legal title.

Equitable title does not carry all the rights, privileges and duties of legal title, but equitable title is not without implication.  If a buyer has equitable title in a property, the seller cannot contract to sell the property to another buyer.  The equitable title protects the buyer’s interests in this regard, but does not obligate the buyer to pay taxes or maintenance on the property.

  • What is the Virginia Condominium Act?

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    If you own a condo in Virginia, or if you’re thinking of buying a condominium in the Commonwealth of Virginia, it might be a good idea to glance at the Virginia Condominium Act. This act describes the terms of ownership and limitations and requirements of condo associations.  It also describes the unique attributes of condominium…

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  • Condos need maintenance …

    condo Alexandria
    Everything built by man requires some maintenance at some point. Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters…

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  • Real Estate Contracts With Contingencies

    Real estate contracts sometimes come with contingencies. This is a part of the contract that states certain conditions or timelines are met or the seller or buyer can void the contract. The conditions or timelines can be any that both parties agree on and are put within the contract. Contingencies usually last for a specified period.…

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How may an appurtenant easement be terminated?

An appurtenant easement can be released by the dominant estate. An appurtenant easement is also released if the necessity for the easement no longer exists. An appurtenant easement is one of two primary types of easements. The other type of easement is an easement in gross. An easement in gross is attached to a particular person but the appurtenant easement is attached to a particular parcel of land. Either of these types of easements may be created in a variety of ways (express grants, express reservation, necessity, implication, prescription, agreement, and by condemnation). Each may also be terminated in a variety of ways (lack of necessity, merger, release, abandonment, destruction, court order).

  • The difference between equitable title and legal title

    Julie Nesbitt
    Do you know the difference between equitable title and legal title? Equitable title is conveyed to the buyer when the seller signs the offer to purchase. A ratified sales contract creates equitable title. After closing and accepting the deed, the buyer receives legal title. Equitable title does not carry all the rights, privileges and duties…

    Read More

  • What is the Virginia Condominium Act?

    flag
    If you own a condo in Virginia, or if you’re thinking of buying a condominium in the Commonwealth of Virginia, it might be a good idea to glance at the Virginia Condominium Act. This act describes the terms of ownership and limitations and requirements of condo associations.  It also describes the unique attributes of condominium…

    Read More

  • Condos need maintenance …

    condo Alexandria
    Everything built by man requires some maintenance at some point. Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters…

    Read More

  • Real Estate Contracts With Contingencies

    Real estate contracts sometimes come with contingencies. This is a part of the contract that states certain conditions or timelines are met or the seller or buyer can void the contract. The conditions or timelines can be any that both parties agree on and are put within the contract. Contingencies usually last for a specified period.…

    Read More

  • Update: Lepelletier case against Judge Tran Dismissed

    Nesbitt Realty is located at the Belle Haven Professional Center
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