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The missives of sale, in Scots property law, are a series of formal letters between the two parties, the Buyer and the Seller, containing the contract of sale for the transfer of corporeal heritable property (land) in Scotland. The term 'land' in this article includes buildings and other structures upon land. [1]
Scots property law governs the rules relating to property found in the legal jurisdiction of Scotland. In Scots law, the term 'property' does not solely describe land. Instead the term 'a person's property' is used when describing objects or 'things' (in Latin res) that an individual holds a right of ownership in. It is the rights that an ...
A large feature of Scots property law, is the publicity principle and the legal doctrine surrounding it. The publicity principle requires that in transfers of all property, there is a need for an external (i.e.: public) act in order to create or transfer real rights (or rights in rem). In Scots law, the publicity principle has not been analysed ...
The final legislation to introduce a new map-based system was the Land Registration (Scotland) Act 1979 (c. 33) which introduced a map-based Land Register of Scotland. The 1979 act provided that each county of General Register of Sasines would transfer over to the new Land Register. The 'live' date for each county was: [9]
Land and Buildings Transaction Tax (LBTT) is a property tax in Scotland. It replaced the Stamp Duty Land Tax from 1 April 2015.. LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired.
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
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Accession (Latin accessio) is a method of original acquisition of property under Scots property law. It operates to allow property (the accessory) to merge with (or accede to) another object (the principal), either moveable or heritable. [1] Accession derives from the Roman-law concept of the same name. Other jurisdictions employ similar rules.