Adverse possession is a legal principle that allows a person who occupies land without permission to claim legal title to that land under certain conditions, including actual, open, notorious, exclusive, hostile, and continuous occupancy for a specified period.
Color of Title refers to a condition in which a claim to title appears on the surface to be valid but is fundamentally void due to some defect.
Equitable title is the interest held by a buyer who has agreed to purchase a property but has not yet completed the transaction. This interest grants the buyer certain rights even though the legal title has not been officially transferred.
Legal title refers to the officially recognized ownership of property, as defined and protected by law. A person or entity with legal title has the full rights to control and transfer the property, subject to any restrictions that may apply.
Title theory states are where the law splits the title of mortgaged property into legal title, held by the lender, and equitable title, held by the borrower. The borrower gains full title to the property upon retiring the mortgage debt. Lenders are granted a more immediate cure for a default than in lien theory states.
A trustee is an individual or organization that holds or manages property or assets for the benefit of another party. Trustees are often seen in trust deeds, and they have a fundamental role in ensuring the terms of the trust are adhered to, typically within a fiduciary or neutral capacity.
