Title

Question 1

Title: Purpose

Answer 1

1. Provides evidence of ownership
2. Provides evidence that you have the right to sell or transfer the property to another person
3. Also defined as the possession pf the legal bundle of rights in whole or in parts.
4. Held as actual ownership on the property, called legal title or holding an interest in the property called Equitable Title through such vehicles as a land contract.

Question 2

Land Contract

Answer 2

Is a form of ownership conveyance between a vendor seller and vendee buyer. With a land contract, land ownership is transferred based on the portion of equity
earned through each payment from the vendee to the vendor giving the vendee an interest in the property based on the equity earned, hence equitable title.