Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0320 Land Sale Contract. In the case of the typical contract for the sale of land, the vendor retains bare legal title as a security interest in the property, and the vendee acquires equitable title to the property and possession thereof as well. Such results in a transfer of a present equitable interest in the property upon the execution of the contract and a transfer of the present beneficial use of the property at the same time, and where the value of such interest is substantially equal to the value of the fee interest in the property, a change in ownership of the property occurs. C 5/9/1984.