<--Back to Wiki Home
Equitable title is a term that means someone has the right to eventually own a property, even though they don't legally own it just yet. In real estate, a person who has equitable title has a claim to the property and will become the legal owner once certain conditions are met, such as paying off a mortgage or fulfilling the terms of a contract.
For example, Sarah buys a house and gets a mortgage from the bank. Although the bank holds the legal title until the mortgage is paid off, Sarah has equitable title to the property. This means she has the right to live in the house, make improvements, and eventually become the legal owner once the mortgage is fully paid.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In a world of homes and deeds, and ownership too,
Equitable title comes into view.
It's the right to own, but not quite yet,
For some conditions need to be met.
Sarah bought a house, with a mortgage to pay,
The bank held the title, but she had a say.
With equitable title, she lived and she planned,
For one day, that house would be hers to command.
So when dealing with homes, and the titles they wear,
Remember equitable title, and the rights that it bears.
A step towards ownership, with conditions to meet,
Equitable title makes the journey complete.