In Colorado, 'equitable title' differs from 'legal title' in that:
Why B. Equitable title is the beneficial interest in property that a buyer holds under a contract before closing; legal title transfers at closing via the deed Is Correct
Answer B: B. Equitable title is the beneficial interest in property that a buyer holds under a contract before closing; legal title transfers at closing via the deed
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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