QUESTION:
Good Day Adam. What’s the difference between equitable interest and principle interest?
ANSWER:
For the purpose of the Cooperative Purchase, equitable interest means that you own equity within the property, or that you “own” a portion of the real estate. Such as by having a loan, land contract etc. “Principle” interest means that you have a “self-interest” in the property by controlling it with the option but no equitable interest as you don’t own anything yet.
Does that make sense?
Adam