Someone who possesses all ownership interests in real property owns a. equitable title to the real property. b. legal title to the real property. c. equitable and legal title to the real property. d. statutory title to the real property.
b. legal title to the real property.
The answer is b. legal title to the real property.
Legal title refers to the actual ownership of real property, which grants the owner the right to possess, use, and dispose of the property. Legal title is typically evidenced by a deed or other legal document, which confirms the owner’s right to the property.
Equitable title, on the other hand, refers to an interest or claim in real property that is recognized in equity rather than at law. Equitable title may arise from an agreement or contract, such as a lease or mortgage, or from a court order.
In this scenario, the individual who possesses all ownership interests in real property holds the legal title to the property. This means they have the full rights of ownership and can use, sell, or transfer the property as they see fit, subject to any legal restrictions.
More Answers:
Maximizing Sterility: Key Guidelines for Preparing Sterile Products in Laminar Airflow HoodsUnderstanding Special Warranty Deed in Real Estate Transactions: Benefits and Limitations
Understanding Special Damages and How They Compensate Financial Losses in Lawsuits