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Simple English definitions for legal terms
title
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A quick definition of title:
Title refers to the legal rights a person has to own and possess a property. It is usually associated with real estate and means that the person has complete ownership. There are two types of title: legal and equitable. Legal title can be documented and gives the owner various rights such as selling, using, and developing the property. Equitable title allows the owner to enjoy the property, but they may not have legal ownership. However, true ownership requires legal title.
A more thorough explanation:
Title refers to the legal rights a person has to own and possess a property. It is usually associated with real estate and means complete ownership. There are two types of title:
Legal title is a documented title that is available through public records. It gives the owner various rights to the property, such as easement rights, development rights, possession rights, selling rights, and exclusive use. For example, if you buy a house, you will receive a legal title that proves you own the property and have the right to sell it or make changes to it.
Equitable title allows the owner to enjoy the property, even if they do not have legal title. However, true ownership requires legal title. For example, if you are renting a house, you have equitable title because you are living in the house and enjoying it, but the legal title belongs to the landlord.