What is the difference between legal title and equitable title?
Legal title refers to a person’s right to own a piece of property, according to Florida law. It is an interest that is recognized and enforced by the courts. This right is usually established through an agreement or contract, such as a deed, a will, or a court order. Equitable title, on the other hand, refers to a person’s beneficial right to own property. This type of title is not necessarily recognized or enforced by the courts, but it gives the person the right to the use of the property in some way. For example, if a person is given equitable title to a piece of land, they can do whatever they want with the land, but they will not be able to collect any rent or money from it. In Florida, legal title is the main factor when it comes to inheritance law. A person’s legal title to a piece of land is determined by the type of document used to transfer the land, such as a deed or a will. However, if a person has an equitable title to property, they might be able to establish a greater claim to it than another person with a legal title. For example, if two people have a competing claim to the same piece of property, the person with the equitable title may be given precedence in court.
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