equitable conversion

Definition of "equitable conversion"
  1. 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
How to use "equitable conversion" in a sentence
  1. If a person buys a property before the closing date, an equitable conversion occurs, declaring the buyer the equitable owner of the property.
  2. 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.
  3. He signed a contract to purchase a property, thus setting into motion the principle of equitable conversion.

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