Two real estate law questions: what's it called when a tenant voluntarily returns the premises to the landlord before the lease ends (surrender), and what title does a buyer get when they sign a purchase contract (equitable title, which is the right to eventual ownership, not actual ownership yet).
A surrender
Equitable title
Question of the day. Question number one: An agreement that ends all future lesser/lessee obligations under a lease is called A. A novation. B. An assumption. C. A breach. D. A surrender. The answer is D. A surrender. The word surrender is appropriate. As the lessee is surrendering their rights to a leased property. In landlord-tenant law, a surrender occurs when a tenant agrees to return the leased premises to the landlord before the expiration of the lease and the landlord agrees to accept the return of the premises. Question number 2: A buyer, Joe, and a seller, Steven, both sign a purchase contract. What kind of title interest, if any, does Joe have in the property at this point? A. Alta. B. Legal. C. Defeasible. D. Equitable. The answer is D. Equitable. In real estate law, equitable title refers to a person's right to obtain full ownership of a property or property interest. This is often contrasted with or used in conjunction with the term legal title. Which is the actual ownership of the land. In this case, once the purchase contract is signed, Joe gains equitable title interest in the property.
