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Personal rights, rights in personam, such as those like the Missives of Sale (i.e.: a contract for the sale of corporeal heritable property) alone does not transfer the real right of ownership in itself. [5] Without a conveyance, i.e.: the deed of disposition, and public act (see below), real rights cannot be validly created in Scots law.
The term void transfer can be characterised as a void ab initio (i.e. void from the beginning) and is null and no effect. The effect of a transfer or other act that is void with null and no effect can be explained as if the documents of the transfer were blank pieces of paper. [39] These occur where there is a vitium reale (real vice).
Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or their attorneys or other agents to record the transfer of ownership.
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Possession of a thing for long enough can become ownership by termination of the previous owner's right of possession and ownership rights. In the same way, the passage of time can bring to an end the owner's right to recover exclusive possession of a property without losing the ownership of it, as when an adverse easement for use is granted by ...
A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction. Typically such a deed will not warrant that the property title is free and clear, and it remains up to the grantee to check that the property is not subject to any legal encumbrances. [11]
If Alice, a thief, steals a cheque from Bob and sells it to innocent Charlie, then Charlie is entitled to deal with the cheque, and Bob cannot claim it back from Charlie (though the name appearing on the cheque may affect the validity of such a transfer). Another matter is the transfer of other legal rights normally granted by ownership.