Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Objectives of land registration under the land act
Land registration act 2002 aims
Land registration act 2002 aims
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Objectives of land registration under the land act
The Scottish Law Commission (SLC) have stated that the introduction of ‘Advance Notices’ as part of the Land Registration (Scotland) Act 2012 will be ’appealing to conveyancers and the system should benefit their clients’. The SLC also go on to state that advance notices ‘offer something more direct and effective than the protection offered by a letter of obligation.’
The idea behind the introduction of advance notices was to minimise the risk period between the delivery and registration of a deed in a conveyancing transaction as a real right in conveyancing only occurs when registration has been completed. The risk period for the purchaser consists of a potential situation where the seller becomes insolvent or the seller has granted a deed which transfers ownership to a third party which is then registered first. It is believed that the system of advance notices will remove the risk of losing legal title to property between payment and date of registration.
Advance notices do not completely eradicate the risk period but registering an advance notice can provide the purchaser with protection against the registration of a competing conveyance from a third party as well as insolvency of the seller for up to thirty five days from when the advance notice is lodged on the register. In spite of this, the ‘race to register’ still exists although the Scottish Law Commission have said that it would ‘remain the case that the first person to register would prevail, but with the possibility of the result being changed if that registration happened during the currency of a notice in favour of another person’.
This is still an improvement on the former practice of a letter of obligation. A letter of obligation is a guarantee by the sell...
... middle of paper ...
...ler can still be sequestrated and their creditor(s) can still try to use diligence against the property before the purchasers disposition is registered, this can happen if the advance notice has not been registered or the thirty five days ‘protected period’ has expired. There is also still the possibility of the seller granting a competing deed to a third party, which is then the first to be registered or is registered if the original sellers advance notice has expired after the thirty five days protection and they have not sought another.
For those reasons, I believe that advance notices improve the conveyancing process, and once the Land Registration Act 2012 comes into full effect, they should provide significant assurance for purchasers overall, but unfortunately, even with these procedures in place, the risks for purchasers have not been entirely eradicated.
...o the purchaser of unregistered land should the disposition be ultra vires, assuming that there is no actual notice of such then overreaching can take place. This has now evolved into their being no requirement for absence of notice. In addition Section 70 (1) (g) of the LRA 1925 protected as an overriding interest the property rights of those in actual occupation of the land as described by Lord Denning MR:
...d for you to sign and the land will be yours... no-one will bother you on your land” (pg.105). This incident leads to a long chain of corrupt acts. All community members signed, rather, finger printed the document and we’re assured “they could rely on this paper as it is the title to the land” (pg. 105). Two years passed and they returned with the document in hand, claiming the land was no longer theirs to live off of. The signed document was in truth an agreement to live on the land for a mere two years and a promise to uproot once the two years expired. In conjunction with the Labour Unions, Rigoberta’s father fights this upheaval, however the landowners bribe the judges lawyers and interpretors involved in the crooked legal battles, twisting the communities stance says the landowners offered a great deal of money to the judge through -machines/market/lawyers
This decision was used as a precedent for other cases involving real estate law, specifically the Caveat Emptor law. The Caveat Emptor previously only covered physical complications with a property, but this case made it clear that any condition or stigma that diminished the value of a property could be used as grounds to terminate a contract if the buyer is not informed
At the commencement of European settlement, Australia inherited the system of land law that existed in England. Before the introduction of Torrens in 1875, a system of registration of deeds was in place in Western Australia. This is a system under which instruments relating to property transactions are recorded on a central register. In Western Australia, priority is decided according to the date of registration, and there is no stipulation concerning the bona fides or valuable consideration given by the...
Since the early 20th century, the Scottish penal system has gone through numerous transformations as the society changes and grows, including the important period where Scotland struggled to create it’s own identity, separate from the rest of the UK. These developments have been pivotal in regards to the modernization of the Scottish Criminal Justice system, which is often described as being made up of a complex set of processes and involves many different bodies . Over the past decade, the main problem at hand is that Scotland, a relatively small country in the scheme of things, has a serious problem with imprisonment , meaning that we have a higher imprisonment rate than nearly anywhere else in Western Europe. Recent research has shown that it sends over twice as many people to prison than the similarly sized countries within Europe , but in a debate on penal policy in 2007, the Cabinet Secretary for Justice Kenny MacAskill, stated that “the Government refuses to believe that the Scottish people are inherently bad or that there is any genetic reason why we should be locking up twice as many offenders as Ireland or Norway.” The aim of this essay will be to look at the recent changes within Scotland’s penal system, and whether this ‘imprisonment crisis’ has been the outcome of penal developments in the past.
...am R, Incompletely constituted trusts: Covenants to settle property (Equity & Trusts: Text, Cases, and Materials 2013).
In the 19th century, promissory estoppel was first introduced in Hughes v Metropolitan Railway Co , where Lord Cairns ruled that parties who have entered into fixed terms and then afterwards, by their own act or will, enter negotiations which influence the other party to assume that the stringent rights that were originally imposed will not be enforced or will be deferred, should be unable to reverse from this if it is inequitable for them to do so. This doctrine was resurrected by Lord Denning in Central London Property Ltd v High Trees House Ltd , where he expanded on the doctrine of promissory estoppel and ruled that where there is a promise intended to form legal relations and the promisor knew it would be acted upon and it was acted upon by the promisee then the promise made would be binding even with a lack of consideration.
The Land Registration Act 1925 was introduced in order to simplify conveyance by placing all information about an estate in land on register which show a mirror of the title to a purchase in a single document called a Title Information Documents. Before property legislation brought into force, the mechanics of conveyancing were obstruct by formalism and surround with danger for all but the most conscientious purchaser. The reliance on title deeds to prove ownership of land was both inconvenient and, for the purchaser, an expensive way to prove title. Land Registration Act 1925, in conjunction with the Law of Property Act 1925 and the Settled Land Act 1925, sought to simplify and codify. It aimed to bring certainty and equality but instead of doing so, it was uncertainty and inequality. In view of this, the Land Registered Act 1925 was repealed and replaced by the Land Registration Act 2002. It seeks to reinforce these goals and make the system fits for all the modern century and electronic age. The basic principle of the Land Registration Act 1925, and now the LRA 2002 is that the Act is total registration, that is, to bring all land in England and Wales on the register and guaranteed by the state as soon as possible. After it was replaced it has dramatically increased triggers for the first registration in order to speed up the process of land registration. Currently over 80 per cent of all potentially registrable titles are in fact registered.
This way an auction doesn't have to pay the individual until the following sale or when the last piece off property was sold. Make sure in the contract that it has a date that all personal property will be sold by.
For example, the title company handling the closing might find liens or judgements against the title that must be resolved before the deal can
Generally, risk and benefit pass to the buyer on transfer of possession and ownership (assuming these occur simultaneously). The general rule is that the risk and benefit pass to the buyer as soon as the sale is “perfecta”, meaning that the agreement is unconditional and the identity, quality, quantity and price of the thing sold are certain readily ascertainable. Because contracts vary, parties can expressly agree that risk and benefit will pass either before or after delivery. Nugent AJA in Islando Foods v Fedgen Insurance opined that the general position of the law was that risk passed to the buyer once the contract had been ‘perfected’, even where delivery had not yet taken place. However, the risk envisaged was the risk of damage through no fault of the seller, that is, the risk of damage by vis major, casus fortuitus or third party damage- not the risk of damage by a negligent seller.
This judgment given set criterion which is still been used in the modern court system and due to this case it was developed that an offer of contract can be unilateral and doesn’t have to be made to a specific party only. Also it was developed to that the acceptance of an offer does not require a notification and that once the concerned party purchases the product the contract is active then and there itself. And it was also established that purchase of an item is a fine example of consideration and therefore makes it a valid contract. (Smith, 2000).
Based on common law and precedent, the English law of contract has been formulated and developed over a number of years with it’s primary purpose to provide a regulated framework within which individuals can contract freely. In order to ensure a contract is enforceable there are certain elements which must be satisfied, one of which is the doctrine of consideration. Lord Denning famously professed; “the doctrine of consideration is too firmly fixed to be overthrown by a side wind” . This is a crucial indication that consideration has long been regarded as the cardinal ‘badge of enforceability’ in the formulation and variation of contracts in English common law.
In order to secure land tenure for the urban informal settlers, different countries have introduced licenses or Certificates in different names. However they all have the same objectives. For instance, in Zambia residents are issued with a 30-year Occupancy Licences while the area undergoes through the process of upgrading. These can be later replaced by certificates of title, which carry the same effect as if the landowner were obtaining a direct lease of the land from the state (UN-Habitat, 2012). In Botswana, Certificate of Use is issued to informal dwellers so as to encourage them on further housing investment (Durand-Lasserve, 2006). In Brazil, Concession of the Real Right to Use is issued to residents. The validity period of these licences varies between 30 and 50 year periods but subject to renew (Van der Molen, 2002).
In the beginning 1031 cases had to be simultaneous transfers of ownership. But after Starker vs. US, a contract to exchange properties in the future is practically the same as a simultaneous transfer. Under this case that the rules for election of a delayed 1031 originated. To elect the 1031 recognition, a taxpayer must identify the property for exchange before closing, identify the replace property within 45 days of closing, and acquire the replacement property within 180 days of closing. A Qualified Intermediary must also be used to facilitate the transaction.