Q. Distinguish between legal and equitable ownership. [4 marks - 2022]
Difference between Legal and Equitable Ownership
Legal ownership is the ownership of property as recognized by the rules of a legal system, while equitable ownership is ownership as recognized by the rules of equity. In real estate, legal title refers to legal ownership, while equitable title refers to the benefits a buyer will receive when they become the legal owner.
The main difference between legal and equitable ownership is that legal ownership gives absolute ownership of a property, while equitable ownership does not. Legal ownership gives the right to control the property in accordance with the law, while equitable ownership gives the right to enjoy the benefits of ownership without being the legal titleholder.
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