Sale of Land | Mind Map

Pre-Contract

Lock-out contracts

Pitt v PHH 1994

No oral contractsfor sale of land

LPA 1989 s2 (exceptions!)

Lack of security

Gazumping

Gazundering

Exchange

"Exchange of contracts" = exchange of documents leading to a contract

Comm. New Towns v Cooper 1995

Creates binding agreement

Contract for Sale

Law of Property (MP) Act 1989

s2

Contract documents

In writing

Include all terms

Signed by (or on behalf of) parties

Exceptions s5

Lease <3yrs "In possession"

"In possession" LPA 1925 s54

Long v Tower Hamlets (1998)

Auction sale

Documents 'Contracts'

Binding agreement only occurs at exchange

Commissioners New Towns v Cooper (1995)

Completion

LPA 1925 s52

Land transfer MUSTusually be by deed

Exceptions (s54)

Inherit through will

Grant of lease <3yr

Not further sale of lease!

Deeds

Clearly a deed

"makes clear on its face it is intended to be a deed"

Validly executed

Signed & witnessed

Signed by authorised person(s)

In presence of witness(s)

Delivered

Is NOT physical transfer

"he makes it clearhe intends it as his deedpresently binding on him"

Alan Estates v WG Stores 1982

May be conditional or future

Escrow

Defined by s52 LPA (MP) Act 1989

After 31 July 1990

Before then

Deed had to be:

Signed

Sealed

Delivered

NO witnesses needed

Authorities

Pitt v PHH 1994

Comm. New Towns v Cooper 1995

Alan Estates v WG Stores 1982