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Equitable title refers to the right to use and occupy a property, even if the legal ownership of the property is held by another party. It's a legal term that describes a situation where someone has an interest in a property, but not the full legal ownership of it.
For example, if you are renting a house, you have equitable title to the property during the term of your lease. This means that you have the right to use and occupy the property, but the legal ownership of the property remains with the landlord.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Equitable title is the right to stay,
In a property you don't fully own today.
You can use and enjoy it, that's just fine,
But the legal title belongs to another's line.
When you rent a house, this is what you get,
Equitable title, so don't you fret!
You can call it home, but can't sell or transfer,
Legal title stays with the landlord, that's the real answer.
So remember, equitable title is not the same,
As legal title, it's just a different game.
If you need to know more, don't hesitate,
Consult with a lawyer, they'll help you navigate!