Legal Formalities For Acquiring And Transferring Title

Question 1

Describe a sale of a freehold estate in land

Answer 1

1) Non-binding agreement (your offer is accepted)
2) Exchange of contracts- at this point the parties are bound, risk usually passes to the buyer and the discretionary remedy of specific performance becomes available
3) Transfer of legal title
4) Registration

Question 2

What kind of dispositions can be made upon death?

Answer 2

• A will
• Valid will or passes under the rules of intestacy
  3) Transfer by deed
  4) Registration

Question 3

What is a lifetime gift?

Answer 3

• Usaully bypass stages 1 and 2 must