Nature Of Land Flashcards
Freehold Estate official name
Fee simple absolute in possession
Leasehold Estate Official Name
Terms of years absolute
Legal Interests in Land
Mortgages, Easements granted forever or for a certain term, rights of entry
Equitable Interests
Freehold Covenants, estate contracts, interests in a trust of land, easements granted for an uncertain term
Land contracts must be
1 in writing
2 contain all the expressly agreed terms
3 be signed by both parties
A deed is known as … in unregistered / registered land
Conveyence
Transfer
A valid deed must
Be clear On The face of the document that it is intended to be a deed (labelled as a deed) must be validly executed and must be delivered
Valid execution of a deed is Where
The grantor / sellar signa the deed in the presence of a witness and the witness signa the deed confirming that they have witnessed the signing. The buyer does not need to sign the deed. If The seller If a company the seller can be either 2 directors, 1 director and the company secretary or someone affixing the common seal of the company
For registered Lands legal title transfers
Upon registration
For unregistered land legal title transfers
Upon completion of the deed. Within 2 months of completion The New owner must registré The land or legal title will revert back to the seller
Option Agreement
During the option period another party has a right to serve notice that they wish to buy the land
Airspace is restricted to
Such height as is necessary for the ordinary use and enjoyment of the land
Land below ground is restricted to
Up to approx. 300m but does not include gold, silver, treasure and coal.
Legal Test for Fixtures
- Degree of annexation test produces the assumption: how easy can the object be removed from the land / how attached is it
- Purpose of annexation test rebuts the assumption: why the object is part of the land, if it enhances the land then fixture but if for convenient use or enjoyment then chattel
