Answer:
Legal title.
Step-by-step explanation:
A legal title refers to the ownership of a property, such as Nick has. He has the complete bundle of rights AND responsibilities/duties to use, maintain and control the property. He is both the owner and the person in charge so, with all that means. The legal title itself is a documanted paper with tie information of the person, in this case Nick. What could happen as well is that two parties could be involved in a legal title (not happening here) and could bring some disputes.