Question One Old Systems Priorities Sam and Ben are out to dinner. Sam offers to buy Bens old system (common law) title house for $250,000. They write the essential terms of their agreement on the restaurant napkin and both sign it. Sam pays for dinner in celebration of the deal. Some two weeks later Sam pays to Ben the balance of the moneys and takes the title deeds to the property. Sam does not register his interest on the Register of Deeds at the LRS. To fund the purchase Sam borrows from Freda $200,000 by way of unregistered old systems mortgage. Freda and Sam sign a Deed of Loan
View complete question »Question One Old Systems Priorities Sam and Ben are out to dinner. Sam offers to buy Bens old system (common law) title house for $250,000. They write the essential terms of their agreement on the restaurant napkin and both sign it. Sam pays for dinner in celebration of the deal. Some two weeks later Sam pays to Ben the balance of the moneys and takes the title deeds to the property. Sam does not register his interest on the Register of Deeds at the LRS. To fund the purchase Sam borrows from Freda $200,000 by way of unregistered old systems mortgage. Freda and Sam sign a Deed of Loan but does not take the title deeds as security. She does not register her Deed on the Register of Deeds. Two years later Sam sells his house to Gertha for $300,000 by way of Deed of Conveyance in registrable form. Gertha, prior to settling, did an inspection of the Register of Deeds and also an inspection of the property and found Sam in occupation. After settlement she registers the Deed of Conveyance on the Register of Deeds. Some days later Freda finds out Sam sold the house and comes to you for advice as to where she stands. Advise her of the strength and weaknesses of her position referring to any relevant common law or equity principles along with relevant legislation or cases. Question Two Co tenancies Walter and Mary purchased their matrimonial home as joint tenants in 1995. Mary contributed 75% of the purchase price and Walter contributed 25%. In December, 2011 Mary decided that, rather than leaving her share of the property to Walter when she died she would prefer to leave it to her son from her first marriage, Luke. She visits her local solicitor who tells her that she needs to sever the joint tenancy before she can make any disposition of the property by will. He prepares a Transfer in the approved form which Mary executes and the solicitor witnesses but he tells her that she must bring in the Certificate of Title before the Transfer can be registered. In the meantime, Mary also amends her will to note Luke as the sole beneficiary of her estate. Both the transfer and the amended will remain in the solicitors files. In January, 2012 Mary dies without having produced the certificate of title and two months later Walter is declared bankrupt. The executor of Marys Will asks you for advice about who owns the property and why. Advise using only reference to property law in both cases and legislation. Question Three Trev is the registered proprietor of a parcel of Real Property Act land. He enters into a written contract to sell the property to Penny for $200,000. Penny pays 10% deposit on exchange of contracts; settlement is set to take place in 6 months time. Because of the length of time before settlement Pennys licensed conveyancer requests a signed transfer, wishing to avoid additional cost in the matter does not lodge a caveat in respect of Pennys interest. Trev then receives an offer of $250,000 for the property from Sue. Trev accepts this offer and enters into a written contract with Sue who also pays a 10% deposit. Sue knows that the property has been on the market for some time and has been told by the neighbours that they thought it was under contract but makes no further enquires. The sale to Sue is completed first with Trev handing over on settlement the Certificate of Title and a signed transfer in exchange for the balance of purchase price. Before Sue can lodge her documents for registration Penny discovers what has happened. Discuss, using authority, who is entitled to the property and why.
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