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10 Cards in this Set
- Front
- Back
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S205 Definition of Land
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-Lands of any tenure, Mines and Minerals, Buildings and parts of buildings.
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What is realty?
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Freehold interest in land
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what is personalty?
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Chattels real (leasehold) Chattels personal.
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Two types of Chattels personal
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Choses in action (intangible property)Choses in possession (tangible property)
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Subject to contract
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Unenforceable. Contract is drawn up and terms agreed between the parties
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Exchange
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Enforceable.Terms of sale are fixed. If default could take legal action.Buyer does not have full property rights but holds interest in it.
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Completion
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Transferring the property. Buyer becomes legal owner.
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S2 LP(MP)A 1989
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Exchange by contract. must be made in writing, incorporates all terms and must be signed by or an behalf of both parties.
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S1 LP(MP)A 1989
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Completion. Done by deed. Must be in writing, clear on the face that it is intended to be a deed and validly executed (signed and delivered).
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Common Law definition of Land
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He who owns land owns everything extending to the heavens and to the depths of the earth. Whatever is attached to the ground becomes part of it.
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