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3 Cards in this Set
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- Back
What is it? |
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 |
…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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