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The term equitable title can be used in real estate to describe two types of situations.
Firstly, it describes the interest held by a property buyer who has agreed to purchase the property, but the transaction has yet to officially close.
In a situation where gold is found below the ground of a property in the interim period, since the buyer has equitable title, the gold will rightfully belong to him.
Secondly, it can also be used to describe the title of a property held by a trust beneficiary.
In this case, the trustee would hold a naked title.