Specifically Enforceable Contract To Sell Prooperty: Constructive Trusts

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What is it?

Back 1

What happens when you sign a contract to buy land in-between the period between signature and settlement-who owns the land?

Specific performance for contract for things other than land will also mean a constructive trust will be imposed.

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Lysaght v Edwards

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…the moment you have a valid[and unconditional] contract for sale the vendor becomes in equity a trustee for the purchaser of the estate sold, and the beneficial ownership passes to the purchaser, the vendor having the right to the purchase-money, a charge or lien on the estate for the security of that purchase-money, and a right to retain possession of the estate until the purchase-money is paid, in the absence of express contract as to the time of delivering possession.

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