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The total costs of a title insurance premium, settlement expenses, and ongoing costs of an annual mortgage insurance premium (if applicable) equate to only about 1% of a borrower’s overall life ...
A constructive trust is imposed by the law as an "equitable remedy". This generally occurs due to some wrongdoing, where the wrongdoer has acquired legal title to some property and cannot in good conscience be allowed to benefit from it. A constructive trust is, essentially, a legal fiction. For example, a court of equity recognizing a ...
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to ...
The cestui que is the person for whose benefit (use) the trust is created. Any such person is, unless restricted by the trust instrument, fully entitled to the equitable interests such as annual rents/produce/interest, as opposed to the legal ones such as any capital gain, of the property forming the trust assets. [1]
Homeowner’s insurance: Homeowners insurance is a type of property insurance required on most homes with mortgages. It pays for damage to your home and personal belongings in certain situations.
When the courts said that one person's legal title to property was subject to an obligation to use that property for another person, there was a trust. The Star Chamber (est. circa 1398) played the role of a criminal court of "equity", where judges on the king's authority could impose punishments that deviated from the law. [12]