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The risk of loss is then transferred to the buyer – if a house on the property burns down after the contract has been signed, but before the deed is conveyed, the buyer will nevertheless have to pay the agreed-upon purchase price for the land unless the seller in possession or deemed in possession has failed to protect it. Such issues can and ...
Nemo dat quod non habet, literally meaning "no one can give what they do not have", is a legal rule, sometimes called the nemo dat rule, that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title.
Rectification is a remedy whereby a court orders a change in a written document to reflect what it ought to have said in the first place. It is an equitable remedy , [ 1 ] and so the circumstances on which it can be applied are limited.
It's generally possible to transfer ownership of a house using a quitclaim deed or by preparing a new deed and filing it with the relevant authorities, with particular requirements varying by state.
The most important limitation relating to equitable remedies is that an equitable remedy will not lie against a bona fide purchaser for value without notice. Damages can also be awarded in "equity" as opposed to "at law", [ 13 ] and in some legal systems, by historical accident, interest on damages can be awarded on a compound basis only on ...
Rectification is an equitable discretionary remedy, and therefore unavailable to claimants who delay excessively and it has no effect against a bona fide purchaser for value without notice. There is a fine line between interpretation and rectification, since evidence assisting in interpretation is also evidence which can give rise to ...
The minority of Lord Nicholls and Lord Millett argued strongly for the abandonment of Cundy v Lindsay and in favour of the principle that all mistakes for identity merely render a contract voidable; for instance, Lord Nicholls argued that the loss should be borne by the seller, "who takes the risks inherent in parting with his goods without ...
A contract, which does not meet the requirements of a deed, required by the Law of Property Act 1925 s.52(1), may be specifically enforced to convey the equitable interest to the new purchaser. This rule has had a significant impact because it allows interests that have not been conveyed by a deed to still be binding on future purchasers ...