equitable conversion
- The process in which real property is virtually, but not materially, turned into personal property due to certain contractual agreements or directions in a will to sell land and distribute the sales money
- If a person buys a property before the closing date, an equitable conversion occurs, declaring the buyer the equitable owner of the property.
- Upon the demise of his aunt, the will instructed her real estate to be sold and the proceeds to be divided among the heirs, resulting in an equitable conversion.
- He signed a contract to purchase a property, thus setting into motion the principle of equitable conversion.
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