buying and selling land - gen and unconditional contract

Question 1

buyer and selling land process

Answer 1

1. a contract for the sale and purchase of land (asap)
2. change in the register to reflect a transfer of legal ownership

Question 2

stage one of the buying and seling process

Answer 2

1. contarct
   - exchange of promise, usally purch pay vend and depsoit
   - s24 pla - contract must be signed and in writing
   - s26 pla - preserves the doctirne of part performance, doenst meet s24 but steps have been made to complete it

Question 3

stage 2 of buyinga nd selling process

Answer 3

2. trsnafer
   - p pays in full, settlement occurs, v enables p to register
   - s24 lta - contract is not effective until registered, p gets legal title

Question 4

unconditional contract

Answer 4

where the contract has no conditions attchaed to it, both parties are lesgally obliaged to perform the contarct

Question 5

re richards

Answer 5

under a unconditonal contarct a equitable title will pass, incl risk for damage occuirng prior to settlement
here v died b4 settlemnet but p sue for sp as had equitabel claim to house

Question 6

clarke v ramuz

Answer 6

v is said to hold property as a trustee for thsi period with this come fidcuiray obliagtions

Question 7

fiduciary obliagtions

Answer 7

all cases suggest that a vendors central duty in these circumstnces is to presenve the proeprty in its state at the time of contract

Question 8

patel

Answer 8

scope of trustee dutiues is limited more so tahn the normal conception of a trustee
state bunch of specific obliagtions from case law
-use reasonable care to keep at a reasonable state
- not to abandon rubbish on prop

Question 9

bachelar v westpac

Answer 9

westpac and bcl enter contract , westpac retains better off clause so they can still accpet a high offer if it comes in
no fiduciary duty of good faith owed by westpac to bcl in these circustance as bcl agreed to clause