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Simple English definitions for legal terms
Record owner
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A quick definition of Record owner:
Record owner: A person who owns a property and their name is written on the title. This term is often used for brokers who legally own shares but give the voting rights, profits, and losses to the people who actually benefit from them. Another term for record owner is legal owner.
A more thorough explanation:
A record owner is a person or entity whose name is listed on the official title of a property. This means that they have legal ownership of the property and are responsible for any associated rights and responsibilities.
For example, if John Smith is listed as the record owner of a house, he is the one who has legal ownership of the property and is responsible for paying property taxes, maintaining the property, and making any decisions related to the property.
The term "record owner" can also refer to brokers who hold legal title to shares of stock but pass on the voting rights, profits, and losses to the beneficial owners. For instance, if a broker holds legal title to 100 shares of stock on behalf of a client, the client is the beneficial owner of those shares and is entitled to any profits or losses associated with them, even though the broker is the record owner.
Overall, the term "record owner" is used to identify the person or entity that has legal ownership of a property or asset, regardless of whether they are the ultimate beneficiary of that ownership.