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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 ...
Rectification is available if the parties intended to give effect to the whole of an antecedent agreement in the written contract and, by common mistake, they failed to do so. [3] However, the existence of an antecedent agreement is not essential to the grant of relief by way of rectification. [3]
Thus, if Oscar purports to sell a piece of land to Alice for $100,000, and the next day purports to sell exactly the same piece of land to Bob for another $100,000, then whichever of the two buyers is the first to reach the recording office and have the sale recorded will be deemed the owner of the property.
The journey of buying a property is incomplete without property registration; you need all the necessary documents before the property can lawfully be yours. While there is a contract between you and the seller, a change of ownership only occurs after the property is legally registered under your name in the government's data.
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Many jurisdictions have switched or are switching from a deeds registration system to a system of title registration. For example, Hong Kong, one of the last common law jurisdictions to maintain a deed registration system, passed the Land Titles Ordinance in 2004, which will see Hong Kong shift to the Torrens system. The law will be gradually ...