Chapter 4- Creation And Transfer Of Legal Estates And Interest Flashcards
How will an owner prove ownership of land?
By deed
Or
Show land is registered on land registry
Can unnecessary expenses be recovered by the buyer pre sale?
No, I’m a survey cost has been paid prior to exchange of contracts. The payer will not be able to recover this expense.
What 3 steps make an agreement binding for house sale?
Contract made in writing
Incorporates all the terms
The final document is signed by both buyer and seller
Which act governs the contract in relation to the transfer of interest in land?
s2 LP(MP)A 1989
Law of property miscellaneous Provisions Act 1989
Which case law example is for failing to incorporate all terms of the sale?
Keay and another v Morris Homes 2012
Note points about s2 LP(MA) 1989
Terms may be incorporated by a separate document providing its referenced.
Contracts for items such as curtains and fittings do not have to be included but they usually are.
Contracts which relate to the sale of land do not transfer ownership of the land itself.
What remedy will be available under a breach of contract for failing to proceed with a sale after exchange of contract?
Damages or specific performance
Does the buyer own the land at exchange of contract?
No, he has an estate contract. A contract to create legal estate at a point in the future.
What two things should a buyer do at exchange of contracts?
Take out building contents insurance from the date of exchange of contract.
Keep in mind an estate contract does not bind third parties unless correct procedures are followed.
Can a seller obtain remedies if buyer refuses to buy?
Yes, damages and specific performance.
Which act states completion must be by deed?
s52 LPA 1925
Two examples where contraception by deed is not applicable.
Lease for less than 3 years (s54(2) LPA 1925
For equitable interest s53(1) LPA 1925
What act are the requirements of deed governed by after 1990?
s1 LP(MP)A 1989
What requirements must be included for a deed to be valid?
In writing
Clear on its face that it is intended to be a deed
Validly executed by parties to the deed
What are the requirements of valid execution of a deed?
Signed by the individual in the presence of a witness (can also be signed by someone on behalf of the individual with the presence of the individual and two witnesses)
Delivered by the individual or someone authorised by him to the other party.
