The Essay On Importance Of Contracts In Real Estate Transactions Is Crucial.

Elements of a contract for the sale of land

Before beginning, you will need to recall the standard elements of a contract. As with any other contract, a contract for the sale of land must meet the essential requirements of a contract, that is, there must be:

• an intention to enter into a contractual relationship
• offer and acceptance, that is, agreement
• consideration passing from both parties
• the legal capacity on the part of both parties to enter into a contract
• certainty by both parties as to what the terms of the contract are (i.e. mutuality)
• legality of purpose, that is the contract must be legal.

The essential ingredients necessary to comply with S126 of the Instruments Act are therefore Parties, Property, Price and Promise (or Agreement). This is termed an open contract. If your client enters an open contract, the courts would imply terms that have not been specifically addressed by the contract. An example of an open contract occurring might be when the parties agree to the terms of a contract for the sale of land by correspondence, but are yet to complete formal documentation. Some terms that the common law would imply are:

• The vendor must give vacant possession on completion
• The contract must be performed within a reasonable time
• Upon execution of the contract the property is at the risk of the purchaser
• Time is of the essence
• The vendor must show a good safe holding and marketable title subject only to those defects of which the purchaser has notice
• Outgoings are to be between the parties apportioned
• If the courts have not established a precedent which will resolve the particular issue then a precedent will be set

Identify rules governing construction and interpretation of contracts and other legal documents

S126 of The Instruments Act 1958 states that any Contract for the sale of real estate must be "in writing signed by the person to be charged or by a person lawfully authorised in writing by that person". This means that a simple verbal contract is not enforceable if it relates to the sale of real estate. To comply with The Instruments Act 1958 and to ensure that the parties involved in the sale of real estate know exactly what is being bought and sold, and the conditions by which the sale is to take place, a formal Contract of Sale document is used. This document is usually prepared by a lawyer, and is tailored to suit the parties and the circumstances of the sale.

The document itself usually contains numerous conditions, that set out the "rules" by which the deal will proceed and eventually settle.

Once a contract has been signed by both parties, any variations must be in writing and signed by both parties

If a seller does not provide a contract in preparation for a sale, then an estate agent or agent’s representative usually completes a contract on their behalf.

An agent may fill in, but not draft, certain contracts including: a prescribed contract, a contract prepared by a legal practitioner or a licensed conveyancer, a contract approved by the Legal Services Board or otherprofessional association.

Details for each title:

(a) volume and folio

(b) land description

(c) registered proprietor details, stating manner of holding the land

(d) mortgages or caveats

(e) other encumbrances

The purpose of SOLA (previously sections 3 to 7) is to prohibit certain conveyancing transactions where a vendor might be paid in full but be unable to fulfil their contractual obligations to provide a good safeholding and marketable (unencumbered) title when required. These prohibited transactions are:

1. The sale of land on terms by a vendor who was still to complete the terms purchase of the land.
2. The sale of land on terms where the land was subject to a mortgage.
3. The mortgaging of land by a vendor who had already sold it on terms

In the period between contract and settlement, there are a number of matters requiring attention in order to protect the purchaser's interests under the contract.

where applicable, the right to cool off; the contract and vendor statement;

the need to measure the property and advise immediately of any inaccuracies;

the advisability of insuring the property from the day of sale; details of the fee structure and anticipated expenses applicable to the transaction.

Where the purchaser is buying "off the plan" there are numerous other issues that should be explained. It may be too late once the contract is signed but it is still worth providing advice on these issues. At least that way the purchaser is prepared for what may eventuate.

The practitioner would also attend to a number of matters, including:

applying for the certificates and searches;

advising the vendor's representative whether the purchaser requires production of a form 312 or building insurance certificate in accordance with general conditions 7 & 8 of the prescribed contract;

lodging a purchaser's caveat on title; preparing transfer documents; dealing with any lending institution.

check the accuracy of the vendor statement and also to ensure that nothing has been omitted;

ensure that the land can be used as your client intends;

ascertain the extent to which any restriction limits or prohibits development of the land;

ensure that the terms or any restriction have been complied with;

establish the final amounts owing for rates, taxes and charges so that they can be adjusted at settlement;

enable an informed decision to be made with regard to the vendor's equity in the land if an early release of deposit is requested.

Property transactions involves ownership and change of ownership. Initiating transactions in conveyancing, real estate, personal and business involves procedures. Legal requirements guiding this process are within the state, regional or international requirements. The effect of relevant or associated legislation is important hence the need to use proper documentation when communicating the legal processes. In focus, are the types of properties featuring the real property or fixed land, which is immovable and personal property, which is the moveable things?

1. What are ‘desired outcomes’ and how are they established? ( p, 80)

The desired outcome is to find solutions presented in clear and concise language that is easily understood. Unfolding the legal language to the nonprofessional’s language depends on the client’s level of understanding and the stage at which the information is relayed. This also involves reinforcing the client knowledge with details of the procedures, terms required and conditions. The client needs to know about the pros and cons in the proposed transaction. This is critical in measuring the risk factors. Details relayed through the written documentation process provide solutions to impending risks and consequences of any decisions made by the client.

2. What are, and when would you use, ‘file notes’? ( p, 56, 59)

File notes are risk management texts for offering advice to clients and keeping trail of client’s use of the advice given (Hibberd, 2015). These provide a chronology of events between the client and the practitioner. Used for fact finding these have detailed information for preliminary meeting with clients and frequent communication. File notes come in handy when making reference to previous court decisions, documentation and transaction processess. These provide reference material for comparison between practitioner and client evidence. The notes also have additional data on interviews, queries and date of entry for the client plus signature. In conveyancing, it becomes useful in conflict resolution when establish whether the client obtained strong advice or encountered a misinterpretation. It also highlights date, author identity contacts legible persons and attendance records. A file note may be written, or audio visual recording.

3. List all the fees, taxes, rebates etc. relevant to the conveyance and explain how you communicate them to a client ( p, 61)

• Legal fees
• Commissions
• Incentives
• Direct and indirect pecuniary
• Non-pecuniary
• Membership fees
• Disbursements
• Additional fees
• Application fees
• Firms fees
• Upfront fees in a scheduled payment plan
• Estimates
• Municipal rates

Fees disclosure prevents conflict of interest while scheduling of the prices in line with the right policies is appropriate. The pricing process indicates a contingency plan and it is necessary to determine the full rates and amounts plus adjustments before communicating to the client. Checking the accurate limits in addition to stipulated settlements helps the client to make informed decisions. Sharing copies of particulars and lease agreements is a good way to update the client.

4. How are any advice or recommendations communicated to, and confirmed by, your clients? (p, 7, p, 26, p, 42, p, 44)

Through government links, publications clients get to know about their rights and ways to deal with complaints (Victoria State Government, 2018). Besides the government advice center, parties also obtain advice from legal advisers, policy statements ( e. g ASCI ) and . This depends on the client’s desired outcome and letter of engagement. The client confirms the laid out instructions and interests through a confirmation of advce letter, statement and information collected. These guide the confirmation of advice depending on how timelym clear and consequential. Advice from parties depend on the expert advise given.

5. Every transaction that takes place in business must have a source document. What are the source documents in your business?  (P, 20, p, 18, p, 36, p, 45)

Legal requirements in conveyancing

Business law documents with information about conveyancing procedures have information on how to carry out the transactions. The land registry is a source of information for tenants and parties in shared agreements. Transactional documents indicate who is involved in the treaty while the statutory documents reveal the legal requirements for the agreement. Certificate of titles or deeds indicate who the lender is, title is and mortgage details. In case of a sale the transfer, goods statement and copy of contract or notice of acquisition come in handy.

6. What, if any, other regulatory bodies relate to your States’ Conveyancing industry? ( p, 59, )

The Land Registry for checking records in case of a proprietorship provide information about the property and its transfers. The Local Government offices such as the municipality level facilitate for the implementation of the land acts. The Australian Securities and Investments Commission (ASIC) facilitates for the training of representative in the conveyancing process. Parliament and courts determine the land laws that govern the country. The Victorian Australian Institute of Conveyancing for the registration of conveyancing professionals offer a guide on professional conduct and legislation (Consumer Affairs Victoria, 2018).

7. How is the invoicing completed and followed up (re payment or overdue accounts) by your organisation? (p,11, p. 17, p, 31, p, 46,  )

Repayment is within contract stipulations as indicated in common law. The tenancy agreement states the mode of lease and whether it is fixed term or periodic. Repayment is plan determines the price released into the accounts with reference to the interest and principal amounts. An estimate of the total amount of fees together with the professional services in the transaction is debited as payment.  In a settlement, it is important to get instructions, consult with financial services and make adjustments. Through mutual agreement the negotiations come into play showing the price, purchasing mode and contract terms.

8. How is the filing and archiving completed at your organisation and what are the compliance requirements for your files? (p. 25, p. 59, p, 61)

Filing is in line with the Privacy Law, which supports locking of files and client information in safety. These files are also free from unauthorized access. Sharing of data without permission is also forbidden. This means that information shared will only feature client requests. Record keeping includes storage of original and copied information from different kinds of records such as books, reports, documents, certificates, and communication letters. The process of keeping archives involves completion, closure and final storage of the file for future reference.

9. When you are about to complete the clients transaction how are they notified of what is about to happen – include time frames in your answer (p, 57).

Notification occurs immediately and the firm agrees on the reasonable costs, purpose of the legal notification and the expenses featured in an inquiry. Notification is by partners and may be vial email but confidentiality is mandatory. Through legal relations, the client notification shows the settlement date and the date within which to complete the process. Notification gives clear instructions with the transaction procedure and policy details. This is through the clients and organizational processes with terms of reference for its execution.

10. How is information checked for accuracy in your organisation? What are the compliance requirements in your p+p regarding this (p, 40, p. 57?)

Procedures involved in property transactions

Confirmation of accuracy is through cross checking data and transactions. This is also through an analysis of information presented for legitimacy issues and reference notes. Checking for compliance with parties involves a closer look at the property details, and verification. This ensures that there are no omissions and it supports the fulfilment of the clients’ interests. This second checking process also ascertains that there is no violation of restrictions and that complete tax amounts and charges are met. Requirements also checks the purpose of the purchase and adjustment made in the settlement. Statutory considerations in rates and fees is also important. Accuracy checks also addresses any defaults, and relevance.

11. What is: a) an authority to proceed b) a confirmation notice c) your policy and procedure for ‘closing a file’? ( p, 20, p. 40, )

An authority to proceed provides recommendation for the process to take off with authority. It is also a critical tool in case of a complaint because it has signature proof of investments and partner details. It may also have financial data such as the appropriate amount of money used in application and other information within the stipulated provisions. It also includes insurance information and may highlight different recommendations from the client and authority. Confirmation notice is a statement confirms the client’s residence and may feature different parties involved and details of their records. It supports the accuracy of information shared. In order to close a file, it has to be completed and stored but a three months accessibility is necessary.

12. a) How does your organisation ensure that regulatory requirements are adhered to in its daily processes? (p. 18, p, 35, p. 40)

Encourage competence by ensuring that all advisers are familiar with the relevant information used in practice. For example, through the Regulatory Guide, personnel recieve prescription on the expectations within a job analysis, compliance, training and staff development plan. Encouraging employees to adhere to this and making recommendations to clients. Using a daily implementation guide with information on how to align organizational formats and processes in line with the statutory practices applies. Encouraging clients to equip with the industry practices shapes policies and practices required. For example having the right forms or transaction documents is necessary for land purchases and mortgages. Having an updated conveyancing software package supports the automated process for filing, inquiry and document processing through statutory licenses, and consent among other legalities.

1. b) What are the possible ramifications for you and for your organisation should these statutory timelines not be met (p, 12, p, 20, p, 41)

In any court of law, ignorance is no defense. Noncompliance means poor interpretation of the searches, plans and titles. It also presents a challenge of misrepresentation and the client could make unreasonable decisions. The organisation lacks competency and specialist knowledge, which is required to provide solutions to the client. A breach of contract in business agreements has dire consequences such as costly litigation suits and invalid contracts. Deception in practice is a misconduct punishable under the Trade Practices Act or Consumer Act (Paul, 2012). Poor decisions also create a conflict of interest in the transaction leading to allegations such as impropriety, fraud and bribery.

13. Are there any conditions that relate to the Nomination clause in a purchase contract?  ( p, 12)

Risks and consequences of making decisions without proper documentation and legal advice

The inclusion of another person is not common in conveyancing but may occur during special conditions in a contract. When the purchaser involves another person, either a friend, spouse or business partner, the nomination procedure dictates their terms of engagement. However, prior to the settlement they must sign an agreement. This could be within a special condition contract or a conveyancing deal.  The reason for not having nomination clauses in most cases is that nominees do not often bear rights and obligations (Butt, 2013).

14. Briefly explain what assurances an effective internal control system may provide for a company's management( p, 49)

When an internal control mechanism is good, it deals with financial as well as operational challenges. It avoids, reduces, transfers, shares and retains risks according to the management plan. Such risks arise causing inefficiencies and ineffectiveness in legal compliance systems. In order to achieve fundamental objectives a control mechanism facilitates the process for success (Fjeldstad, Snow, Miles, & Lettl, 2012). In order to explore the success of the company the system identifies risks and explores opportunities for success. An effective company has a control system that minimizes risks through business, operational, financial and statutory compliance has clear objectives and measureable targets. It assesses the risks for clear monitoring of objectives and controls within the external and internal environment.

15. What is the policy/procedure for a potential conflict of interest and how a conflict of interest is recognized (p, 21, )

Working under uberrimae fidie or in the client’s best interest calls for operations that are in good faith .A policy hinders potential conflict of interest by preventing agents from misusing the clients. Commercial decisions are subject to conflict of interest which may involve the agents own interests. In this case, an agent may seek extra profits that exceed the normal entitlement. A policy shaped under the Criminal Code forbids theft, fraudulent dealings, bribe and related offences. An example of a policy that hinders this conflict is the 2006 Conveyancers Act, which prescribes a penalty for non-disclosure of possible conflict in a transaction and payment (Government of Australia, 2006).

As a Conveyancing business, explain how conflict of interest could apply to your business and use an example in your explanation (p, 53-54)

Conflict of interest cases in conveyancing may arise when an agent is acting for more than one party. This means receiving commissions in different transactions (Lawyers Conveyancing, 2018). When the client is misinformed, they will not understand the extent of the solutions offered. A conflict may come from inappropriate action, failure to recognize a conflict of interest. An example is a when an agent holds a practicing license despite being disqualified due to fraud, criminal activities or imprisonment.

16. It is accepted you cannot be an expert in all fields. But when something comes up you are not sure of – who do you refer to, how do you confirm you are ‘doing the right thing’? ( p, 58, p, 62)

File notes as risk management texts

Expert advice gives confidence to anyone because qualified personnel has the right skills, adheres to reasonable standards and offers the right deal. Clients seek information from the best in order to avoid risks of noncompliance or misinformation. Competent conveyancing agents have proper guides for documentation procedures, income and revenue acquisition, management of titles, legal transfers and processes. A client refers to a specialist in certain fields because they expect expert advice on ‘how to do it right’. Such agents poses the right skills, portray diligence, have work competence and get the work done effectively. Acting as an expert calls for obligation. Binding agreements support quality decisions made within the confines of the law (Chen-Wishart, 2012).

17. List the other professionals involved in the sale of land industry and their roles.

• Financial advisers or bankers fund and give advice on loans and mortgages
• Valuers or estate agents provide information on land rates and the value of land
• Accountants verify transactions for individuals and businesses
• Insurance brokers provide good financial plans for businesses
• Solicitors advice on different aspects of conveyancing and represent clients in court battles
• State government consumer advice center

18. Give an example of where a code of practice on work practices has been understood and implemented. If there is a new interpretation of industry codes of practice, or best practice, who interprets it, and how is the application confirmed and clarified?

In organizational workplace safety, codes of practice dictate that the employees observe safety measures while at work. In case of an injury, workers sue for compensation. Companies invest in constant safety drills in order to sensitize workers on the importance of these codes. Effective application of these practices leads to workplace (Zhou, Whyte, & Sacks, 2012). Legal professionals interpret industry codes and clarify using available legislation. The general law system describes, defines and recognizes elements of law. Through legal documentation and access to the right information, a client recieves assurance of proper decisions made in a legally binding manner.

19. Would you require as certificate for any purchaser you were representing? (P, 28)

Business agreements are commercial documents with legally binding dealings. For legal representation, a client contracts a legal professional or firm to enforce the legal contract. Shareholders in a corporation   need a certificate of ownership showing personal rights, inheritance or purchases. Rules guide any transfer of properties and any sale of property. Real property shows land and trusts, interests, leases, and fixtures. Personal property includes the building material and items. A certificate differentiates the possessions and recognizes rights and transfers. Ownership includes tenancy contracts; it also identifies mortgages and the lenders for legal responsibilities. A certificate of title in conveyancing forbids any unlawful land dealings (Parliament of Victoria, 2018).

20. Your client has asked about your costs and fees for his first new home. What do you need to be aware of for this purchase for him and his partner who was not at the signing of the purchase? (p, , 14, p, 40)

It is important to note that fees vary and improper amounts could cause delays in the purchasing process. In case, this was a corporation the members and shareholders possess ownership as soon as the statutory regulations are met. These become legal persons with a capacity to enforce the contract. Covered under Commonwealth Corporations Law such statutes feature guarantors and shareholders. Disclosure of the fees prevent any future conflicts and the application fee features in the client’s file for reference and accurate billing processes. The fees and costs are part of the terms of engagement in the commercial transaction. The cost structure includes membership fees and any other additional fees.

21. When you are representing a purchaser, what do you need to be aware of in setting a date for a lease in regard to removal of tenant i.e. is it just 60 days? NBIA V2:816 BSBCNV501 Take Instructions NBIA- The Specialists in Learning and Development 65 ( p.5)

Fees disclosure and scheduling of prices

Property law comprises of numerous transactions and processes with detailed contracts (Simon, 2018). When representing a client, it is important to take note of the contractual rights and interests of classified property. Knowledge and skills required to handle transactions in real estate, business and individual conveyancing recognize the tenancy and property possessions. Setting a date depends on whether it is a freehold estate or less than freehold. This represents an uncertain duration and certainty respectively.  Communicating to the client calls for an establishment of need, engaging strategies and setting proper regulations. A lease dictates that the contractual rights and interests of tenants highlights the appropriate date and removal of tenants. Setting a date depends on whether the situation, ownership context.

22.  Part of this course is to complete the conveyance for James and Beyoncet who are about to buy 8a Lime Court Bellfield. They will be your clients for units CNV501, 502, 503, 504, 505, 601 and all details for them will be relevant to your assessment.
23. a) Create a file note for the following phone call you have just received, then open a file after meeting the client and agreeing to represent them. Include all possible client needs and aspects of this sale you will need to address, and your letter of engagement.

File Note

Subject	(James and Beyoncet) Lime Court Bellfield
Author	XMT Conveyancing Ltd
Other Participants/Witnesses	Mr. Wills Peters
Date/Time Taken	21/04/2018
Date/Time note Written	18/05/2018

Details of Conversation or event

The client Mr. James and Mr. Beyoncet sought advice about a lease.  The agent offered advice on the lease process and mortgage options. Both clients agreed that the stringent terms and conditions took longer than usual but then agent advised on proper decision-making in terms of costs and interests. Before signing the deal, it was necessary to engage in more discussion with a focus on purchasing a property instead of leasing. In the end, a joint resolve that both parties focus on the legality of the contract and the agent would facilitate for the mortgage documentation and title transfer. This required a valid contract and Mr. Beyoncet resorted to making financial commitment for a three months deposit prior to the final deed delivery. To do this effectively he needed a letter of execution. The flexible terms and conditions led to the creation of a valid contract with a signed signature by Bayoncet.

1. b) James and Beyoncet have just signed a contract for the purchase of 8a Lime Ct Bellfield. Beyoncet was not at the auction but she is very pleased she and her three cats will be moving in with James from the house she purchased two years ago. The school next to Lime Ct. has just been sold by the State Government and will be partially used as parkland. Who will you need to contact on your clients behalf, and how ill you go about it? Develop a file note template, then write relevant file notes for this client.

File Note

Subject	(James and Beyoncet) Lime Court Bellfield
Author	XMT Conveyancing Ltd
Other Participants/Witnesses	Mr. Willis Peters, State Government
Date/Time Taken	25/04/2018
Date/Time note Written	28/05/2018

Details of Conversation or event

It is important to contact all parties affected in the case. Properties differ and a housing piece and parking space require different certificates. It is necessary to confirm land information, planning and roads proposals. Documents between Lime Ct and State Government indicate information about the building, permits and client issues.  In case of a co-ownership, a registered proprietorship is necessary. This is beneficial for interest acquisition and co-ownership. It is critical to check the legality of the execution and transfer between the verified companies. This will establish whether this is a partial or whole revocation of deed. The document advice looks at the use of parkland and its owner whether it is State Government, or business partners. The dispatch correspondence includes discussions on the client profile, change of user and date of entry. The involvement of a third party comes with new problems and challenges including legal and non-legal issues

1. c) Complete: - a pre contract checklist for James and Beyoncet -

• Is there conflict of interest?
• Are there questions arising in the conflicts?
• Contract note
• Diary note
• Letter of purchase
• Title order search
• Property enquiry
• Transfer of land
• Zoning and planning restrictions on property
• Municipal rates, taxes
• Sewerage
• Land tax

Sources of advice for clients

A Standard Agreement

Contract of sale of real estate

Standard contract prescribed by the Estate Agents (Contracts) Regulations Estate Agents Act 1980

Property address

8a Lime Ct Bellfield

The vendor agrees to sell and the purchaser agrees to buy the property, being the land and the goods, for the price and on the terms set out in this contract.

The terms of this contract are contained in the:

Real sale

Special conditions,

General conditions

Important notice to purchasers

Cooling-off period

Section 31, Sale of Land Act 1962

You may end this contract within 3 clear business days of the day that you sign the contract if none of the exceptions listed below applies to you.

You must either give the vendor or the vendor's agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor's agent to end this contract within this time in accordance with this cooling-off provision.

You are entitled to a refund of all the money you paid except for $100 or 0-2% of the purchase price (whichever is more) if you end the contract in this way.

Exceptions

The 3-day cooling-off period does not apply if:

• you bought the property at or within 3 clear business days before or after a publicly advertised auction; or
• the property is used primarily for industrial or commercial purposes; or
• the property is more than 20 hectares in size and is used primarily for farming; or
• you and the vendor have previously signed a contract for the sale of the same land in substantially the same terms; or
• you are an estate agent or a corporate body

 A Standard Costs Disclosure 

Legal Practice Name	XYM
Address	5671000
State/Territory	Victoria

CLIENT NAME	Beyoncet
Address	112
State/Territory	Victoria

What shall we do?

• Free legal advice for sale and purchase
• Documentation process
• Legal issues addressed

Estimate pay
Cost estimate for legal advice         $ Calculation Menu Cost estimate for disbursement      $                         ü Hourly ü Fixed rate
Total cost for legal practice               $

1. What is a Contract

A contract is a legal agreement involving two parties (Cocks & Libbs, 2008). Made within standard elements, a contract indicates and intended relationship made based on an agreement. In conveyancing, this may feature a purchaser and a seller or a lessee and a tenant. This document shows an offer and an acceptance, it has legal capacity and mutual agreement. A contract has a purpose and a value consideration made over time. When it is valid, it stands as a legal entity and any default becomes a violation or noncompliance. There are simple contracts, which must be in written form and are useful for providing proof of sale. An executed contract has a focus on the future while cash contracts highlight the terms of a contract. An open contract incorporates the parties, price and the stated promise as critical elements.

1. b)Whyis it used?

Estate agents use contracts to validate an agreement or sale. This piece of document is proof that a transaction took place within certain standards and parties that signed it. Contracts are points of reference for date of validity for a lease or property. It also gives details of what terms of agreement are in place and mode of settlement. Contracts identify the owner or mode of possession and duration as well as the legal terms. It shows the signatories and has a set of rules.

1. c)Whatis required for a contract for the sale of land to be enforceable?

Transactional and statutory documents

Compliance with the legal statutes such as The Instruments Act of 1958 Section 126 is critical because it states that a contract must be in writing. Contracts are credible documents prepared by a legal service provider but become binding once signed by the buyer or seller. This makes it a legal document enforceable in a court of law (Hepburn, 2012).

2. Examineacopy of a vendor’s statement and then answer the following:
3. a)Whatis the alternative to setting out the separate rates and taxes from each authority? (p, 43, p, 47,p. 83).

The total rates are unified calculations of apportioned rates. These have further subdivisions and multiplication of their liability. Ordinary rates dealing with specific issues and community properties provide annual payments. Covered under Section 603, this flexibility allows for council land rates and owner-occupier amounts vary depending on the municipal council rates and relate to 365 days in a year. From this, the vendor could apportion daily rates depending on the vendor and purchaser specifications. In case the non-apportioned rates the levies, featuring one-time charges will apply. This is payable prior to the scheduled date of contract

1. b)Whatmust a vendor do if they are not registered on title? (p, 17)

Unregistered titles appear illegal or invalid because the Land registry recognizes certificates with titles. This includes both paper and electronic data records. A vendor has to lodge a caveat or an injunction in accordance to the 1958 Land Transfer Act Sec 89 A in case of a land transfer (Victorian Current Acts, 2018). This may occur when the seller has a contract that guides the sale. Failure to register the land may not hinder the sale but registration provides an assurance of protection. The client must lodge for registration in accordance to Section 34 of the Act within the stipulated time lapse.

3. In regards to the common law system of ownership, which legislative provision requires conveyances of land to be in deed form?

The Instruments Act S126 supports the use of contracts for legal entities but the Property Law Act of 1958 discuses deeds and provisions for reregistration and instruments for registration in conformity with the law. The deed form becomes an instrument presented in written form with sufficient evidence in the documentation process. It offers information about the lease, fees and equity. When the court offer any form of compliance it looks at the deed.

4. Read sections 27 and 32 of the Sale of Land Act. How are a purchaser's rights affected by acceptance of title in these sections.

In the 1962 Victoria Land Sale Act, Section 32 describes the purchasers rights through prohibitions (Lawyers Conveyancing , 2018). In the first case, the purchaser requires the mucipal’s consent or authority to put up property. This is due to the need to incorporate proper land use strategies. The second clause dictates terms for the location of property within the commercial agricultural production. It suggests investigation on the impact of the property on the commercial activities. Finally the section points out the need to check for availability and cost of other services linked to the property. Failure to comply with the section could lead to the cancellation of titles except by court settlement. Misrepresentation and misinformation places the client at a risk of loss of contract or certificate Titles. For example a property owner could incur lossess from missing property details as compared to the high costs. Section 27 highlights circumstances under which the estate agent may save on costs and avoid limitation of rights due to breach of contract.

5. The Transfer of Land (Single Register) Act 1998 introduced six methods of bringing general law land under the operation of the Transfer of Land Act 1958. Briefly  discuss the circumstances  in which each method may be used and the differences between the methods ( p, 32)

Importance of the Land Registry

Land transfer is about enforcing contracts. Circumstances for bringing land transfer under law include reservations or land set aside because of conditions or exceptions as contained in the EI Crown grant. Propriety interests, acquisition and transfer of interests, enforceable issues feature as property law (Edgeworth, Rossiter, O'Connor, & Godwin, 2016). Any rights leading to adverse posession also encouraged law enforcment. Other conditions were public rights of way which encouraged the vendor to inspect the land in question for smart purchases. The easement over certain pieces of land supports the statutory searchers for any requisitions. It checks for violation of withdrawal from contract and refund of the deposit where necessary. The tenant possession interests implies that the client addresess present rpoblems of a lease with reference to the financial implication.  Finally the unpaid rates of taxes which comes into being in order to address any rights of sell and resale casess

6. Answerthe following fully.

Minimum word length: 300 words each answer

Refer to the Transfer of Land Act ss.40-44 and solve the following problems:

(a) Melbourne Water forwards an overdue rate notice to the new owner of the property.  The settlement of the transaction adjusted (balanced the books) for the current rate year, but failed to deal with the overdue rates and penalty interest from a previous year.

Does Melbourne Water have to find the vendor to claim the balance owing? Subsection 40-44

This depends on the terms of payment, as defined in the agreement. The vendor neglected the overdue dates and penalty but gave a notice. Section 40 states that the instruments used in an agreement become effective when registered. Since a notice was issues, Melbourne Water is entitled to receive the payment. The notice had information about the effect of the specified interest, which was in writing. The contract falls under Section 41, which views the certificate as a conclusive evidence. This means it fails to capture any missed rates and expenses hence the client may claim a default by the tenant. In ss 43, claims featuring the subsisting interest count because of the provisional folio. In this case the agent allows the person with a present entitlement title to cater for the balance owed.  Documents serve as supporting evidence for the last deeds and fees.  Balancing the books involves the adjustment of the vender and purchaser agreements. However, this amount does not include the deposit. The law allows for adjustments and this includes contracts affected during the settlement process. Melbourne Water is at liberty of incorporate adjustments as part of the transaction featuring the vendors periodic rent settlements and expenses incurred. This is payable in the process of monthly ownership. The provision allows for missed payment beyond the settlement date. This includes charges, taxation and itemized apportions. However, Section 42 gives restrictions on the imposed charges hence the new owner incurs the extra charges. Making adjustments involves balancing the purchasers column verses the vendors. Delays in the resettlement date implies new calculations with a fresh date but notice issuance is made earlier. In this case, it will be a readjustment after a settlement hence changes shall consider the error made. Late payment includes a penalty, which includes discount rates.

Repayment plan and negotiations

(b) A tax department officer wishes to prove in a court case that a taxpayer owns certain land.  How can this be done?  (Suggested word length:  300 words)

Proper documentation provides concrete evidence of ownership. Titles and certificates give evidence of who own the land. In order to prepare the right documents the purchaser may show proof through a contract note, S32, order search title, application for certificate, purchaser receipts and other documents used in the acquisition process. However, Section 41 acknowledges that a contract is legally binding and recognizable by law. Formal contracts include contracts made on record and sealed contracts. A Title deed is a sealed agreement. A vendors statement designed in line with the S32 Sale of Land Act identifies the purchasers details includes the signature and the purpose of the land. A contract that does not have a signature is invalid. The Land Registry is another place to find information about ownership. It contains paper and e-records of certificates with evidence of who owns the piece of land. The search process is a reliable source of information because it gives details of the leased land, caveats and other contracts. In a legal document, a vendors sign and contract details show proof. Dates in a document will also indicate whether the contract is in effect plus the mode of execution for the contract. In case of a mortgage, the Solicitor Certificate indicates the timeframe within which the transaction takes place. There are documents, which show ownership on settlement. Land Transfer document indicate any transaction between a purchaser and vendor. Sometimes it is easy to identify the buyer through the manner of holding. Co-owners in an agreement feature two people or more parties. In case of a deceased owner a new acquisition takes over based on the stipulated will. Certified copies of a contract or title indicate the authorization and legal rights. Caveats and covenants, checks presented as payment and the digital platform is proof of a registration process and details of ownership   (Chen-Wishart, 2012)

(c) Need a business operator renting a shop premises to be concerned when the owner of the shop notifies him / her that a sale of the property will occur?  Why? Protected by S42of the Transfer of Land Act ( p, 17)

Section 44 explains why a certificate may be void. Clients seek solutions to problems in conveyancing by consulting a specialized expert in the field. A property sale will occur depending on the terms of the contract. The Transfer of Land Act has segments that tackle challenges arising in such a case. In order to avoid disputes and conflict arising from this sale, it is necessary to consider the representation. Special conditions indicate the type of sale. If it is an auction, the show owner needs details of the bidding procedures and a summary of the contract sale. Having insight into the new mode of settlement is important because it reduces chances of a loss. The business operator needs an analysis of the special conditions for details about the financing and scheduled clearance of the deposit. System of payment also refers to whether it will be a cash or loan payment. Paying attention to the regulations prevents any breach of contract. It is to the business operator’s interest to learn about the scheduled terms of reference and the responsibilities of the shop owner. A contract highlighting the role of the third party indicates the type of payment made in case one party opts out of the agreement. Part III of Section 44 presents cause for worry because of a likelihood of new changes in Registry instruments. Some of these will have a negative effect during enforcement. The introduction of another party without changes in the initial agreement brings challenges to compliance. A sale contract that defines the rules of engagement is enforceable and comprises of legal clauses but conditions might override the requirements. The contractor needs to investigate the agreement from different dimensions.  He should develop ethical values when dealing with the contract in order to avoid being short changes by fraudulent agents in then conveyancing region.  

7. A vendor of land sold the property twice to different purchasers.  The first purchaser, therefore, has an equitable interest in the land. The second purchaser, however, quickly settles the transaction and registers their ‘net interest’, even though they had heard from another person of the possible first sale.  Who has the greater right?  Why? ( P, 26)

Filing and privacy laws

The first vendor is a shareholder because he has an equitable interest in the transaction. The adherence to rules and regulations is paramount and cannot compare to profitability. Regulations ensure that both buyers have rights and that an ordinary person does not influence decisions beyond the parties concerned. Regulating behavior through a framework of legal networks addresses the scope of the law. There are agreements about settlement in a contract. This would allow the second vendor to compensate the first for shares in the deal. Since the first party made a deposit first, it is appropriate to apply Part 1 of the Sale of land Act, which acknowledges stakeholder investments. Situations, contract conditions and land mortgage also determine who takes the lead. However, there are exceptions when dealing with cash because of the interim payment period, which may limit the first buyer’s chances of claiming more rights.

8. Sebastian is employed  in the  loans  department  of the  Eastpac  Bank,  which  has loaned  $380  000  to Isabelle Francis to purchase a Torrens title property in a Melbourne suburb.  Unfortunately, Isabelle defaults in her payments and Sebastian is instructed to exercise the bank’s rights as mortgagee. Sebastian wanted to impress the boss and suggests that foreclosure might be a good idea.

Is this the best option?  What does the law require in these circumstances? ( p, 38)

A foreclosure in an event of a client’s default in mortgage payment is a risk because of the high interests, which could lead to more payments. It applies in conditions where there is a written notice indicating the default. Foreclosure is appropriate for a market that shows no signs of growth. Sebastian’s loan is a large amount that could benefit from the equitable interests. The high increase in interest rates is also a financial risk that could lead to repossession of the home. Instead of a foreclosure, the client could consider the maximization of interests and sale. Carrying out a proper audit of the debt prevents making costly mistakes. Although foreclosure reduces a mortgage debt, any default in payments could lead to an increase (Law, 2018). The nature of a mortgage determines the trend taken when administering a foreclosure. Sebastian needs a clear road map on how to deal with personal liability.  

9. Whatis another name for equity law, and how does it differ from statutory law? ( p, 25)

Also referred to as the natural law, equity law refers to fairness and impartiality. As part of common law, equity stands for justice and it operates on the principles of natural justice. In this kind of legal framework an individual makes choices of what is right and wrong. Fairness encourages trust, and discourages fraudulent dealings in business. In essence, people follow the law as a moral background that inspires decisions. From this, what this ethical practices arise to guide thoughts and actions. Equity law motivates the professional codes of conduct that regulate human behavior to influence business decisions. Having insights about this law shapes an understanding of other laws because people can determine their obligations independently.

10. Patrickand Anna are cruising one fine Saturday when they spot their ideal mansion for sale. They place a deposit and sign a contract for $2 million. All the way home, they make plans about renovations and additions. Their biggest plan is to add a top storey to the existing two-storey dwelling, to take in spectacular views over the nearby mountains. Their conveyancer rings them urgently the next week to

advise that there is a restriction on the building dating back one hundred years, limiting it to two storeys. The  surrounding  land  has  since  been  developed  into  one-acre  lots  with  complete  and  well-spaced housing.

What can they do? Are they bound to accept this restriction?  Explain in full

According to the S32 Sale of Land, it is advisable to investigate a piece of land during a conveyancing process. Before signing any papers, the vendor needs to go through the restrictions in order to comply with the state requirements. Planning is an integral part of all lands in a location and some spaces are set aside for roads, public utilities and zoning. Planning restrictions influence the value of the property. A proper search incorporates the neighboring community. This affects the cost of property, connection to services and approvals.  Accepting these regulations is part of the legality required. To avoid disappointment in a land investment a purchaser needs a search that checks for all restrictions including prohibited land developments. In this case, taxes and charges may apply.  The 1962 Sale of Land Act reveals the restrictions affecting the property in question.   

11. Is payment of a deposit a requirement for a valid contract of sale? Explain. ( p, 4)

Although it is a common practice, it does not validate or nullify a practice. The deposit paid meets a requirement in a sale and allows the vendor to set aside money for damages that may occur in the event of an occupancy the 1962 Sale of Land Act ( Vic) and the Estate Agents Act of 1980 allow an agent to accept a deposit before writing a statement of particulars and the vendors signature. This is a sign of commitment and it calls for familiarization with legal conditions that define the release of a deposit in cash sale, and contracts. The Sale of Land Act provides guides on the deposit of money as part of a purchasing process. Section 26 points out conditions for deposit payment should there be a default by either party.

12. 126 of the Victorian Instruments Act 1958 is relevant because it establishes the rule that a contract of sale must be in writing to be enforceable. Record a copy of the relevant section.

Evidence to enforce a contract is in written form because the details are available for reference under common law. Victorian Instruments Act defines the conditions for creating a valid contract in a land agreement through valid actions. Section 126 provides the requirements citing that “ …an action must not….” take effect in a land transaction “unless the agreement on which the action is brought, or a memorandum or note of the agreement, is in writing signed by …” those authorised or in charge. The provisions also indicate that the parties should be able “…to sign such an agreement memorandum or note” (Victorian Current Acts, 1958).

13. Listthe other professionals involved in the sale of land industry and their roles ( p, 50)

• Estate agents organizes for the process of signing binding contracts in a private sale of land matters.
• A conveyancer provides information about property and gives direction on approval procedures while ensuring that the contract conditions are satisfactory
• Solicitor drafts contracts, gives legal advice on compliance and breach of contract, litigation and facilitates for legal processes.
• An accountant facilitates for the accounting process in a transaction
• A banker offers advice on mortgages, available financing opportunities and risks involved
• A real estate agent helps to place a property in the market, sell and distribute forms during a sale process.

14. Insimple language, explain ‘consideration’ in regards to a contract? ( p, 2)

The Domestic Building Contract Act 1995 highlights dimensions or consideration for building contracts (Austlii, 2018). This includes regulations on how to set up domestic building, conflict issues in a tribunal and execution of standard procedures. In this case, consideration is part of a contract that describes how to enforce a contract. Sometimes it involves consideration for a period, parties in a contract and validity of a transaction. Deposit considerations may exempt payment of full amount or default purchaser. Experts in conveyancing put into account different types of agreements and their requirements before signing. A contract becomes null if it fails to meet the expectation. Thus, consideration determines the important issues in a contract.

15. What would you do if you found a conflict of interest with a client?  What is the policy at your organization? ( p, 52)

Conflict of interest arise because of failure to conform to the stated agreement. Sometimes a contract has gaps or misinforms. The first step towards dealing with conflict of interest is to avoid it. Ensuring clarity when discussing with clients prevents confusion on terms. Use of clear language is necessary for communication. When agents have, the right skills and adequate knowledge on professional principles mistakes become minimal. Through the implementation of standard rules (under the ASIC and FSRA) service providers can make informed choices for credibility. This also reduces cases of fraud and illegal practices. Organizational principles to solve this includes, reduction of ambiguity, reinforcing client terms and conditions, disclosing the dangers and giving written documentation.

16. The rule at general law (common law land) is caveat emptor. Briefly explain how this rule has been fundamentally altered by the Parliament in Victoria by the application of section 32 of the Sale of Land Act 1962 and by the Retail Leases Act 2003.

The Transfer of Land Act allows claimants to place an injunction on a register, forbidding another person from interfering with the existing title. Referred to as lodging a caveat, this process allows a person against whom the claim is made (caveator), to deal with emerging issues within 35 days. Caveat emptor refers to the buyer’s responsibility to watch out for fraudulent deals by lodging a caveat (original title stored at the Land Registry). Section 32 of the 1962 Land Act highlights the use of false information and failure to give adequate information as indications for non-compliance (AustLII, 2018). Section 32 mentions the significance of having compliant certificates, notices and policy documents. The Retail Leases Act of 2003 reinforces this by giving provision for the requirements for domestic and commercial premises. It also explains conditions for renewal and leasing, rent payment, refurbishment and other requirements.

17. Damion inspected a municipal property advertised for sale in Melbourne

The property was vacant. Damion made an offer to purchase the land. His offer was verbally accepted. When Damion attended at the vendor's Agent's premises to sign the Contract of Sale and pay 10% deposit, Damion requested (before signing) that an old rusted car in the rear yard of the premises be removed before settlement. The Agent declined to consent, explaining to Damion that the vendor was overseas and Damion should approach the vendor when the vendor returned, which would be about 14 days before settlement. Therefore, Damion signed the contract and paid the deposit.

About 14 days before settlement Damion arranged to meet - and met - the vendor and requested that the old car be removed. The obliging vendor promised Damion that the old car would not only be removed, but the rear yard would be "cleaned up as well" before settlement. Hours before settlement Damion discovered the vendor had broken his promise.  Damion now does not want to settle.  Advise Damion, assuming that a quotation for the cost of the car removal would be $1,000 and the general clean up would be $2,000.

The Real Estate Agents Act of 1980 gives real estate agents the mandate to advice clients professionally. Representation in business includes adherence to standard rules laid out in the Melbourne statutory laws. The Sale of Land Act 1962 Section 47 advices the agent to obtain a client signature during a sale process. It also advices on written contracts. Damion made the request before signing the contract and his purchase offer was also verbal. Although he later signed and paid a deposit, Section 51 and 52 of the Estate Agents Act advocate for written statement of the promise made and the need for a signature before taking a deposit. This creates loopholes in the contract and promises made. However, the client still has more than a two months period to correct the inaccuracies. He could avoid engaging in the contract or he could choose to recover the money in a court of law. To do this, Damion needs to fill in the prescribed form in the Estate Agents Regulations stating the stipulated costs.

18. What is your policy and procedures for the signing and disbursement of documentation ( p, 90)

The client has a right to accurate information so explaining the disbursement is necessary because it allows the client to make necessary steps towards settlement. Giving an estimate amount is appropriate but the client needs to know how the calculation is made. Supporting documents showing the calculations indicates how and when this funding takes place.  Procedure for settlement requires the collection of title documents for new registration. For mortgages and funding processes, informing the parties involved is important because of different circumstances that may arise. The settlement of document title and changes requires a letter from the purchases and legislation behind it. The transfer of documents is under the Transfer of Land Act and the registrar approves or disapproves them. Documentation policies on the type of holding feature single, and multiple parties.

19. James and Simone are both aged 21 years. They have been going out together for the last 18 months. They have just purchased 20acres, near a national park, for $100,000. Appropriately, how should the Transfer of Land be expressed? Why? ( p, 92)

Transfer of land for co-ownership involves circumstances and the type of possession. It is good to know whether they need a joint proprietorship or common ownership or tenancy in common. If they choose to share title but have different shares then proportions shall be made according to the amount of share each deserves. To execute this, one of them may proceed with the purchase and submission of the settlement. In this case, each person is a signatory. An attorney may facilitate for the services in the presence of a witness. A transfer has description of the owners and the apportionment.

20. List all fees, taxes, rebates tc and explain how they are advised to the client.

• Government fees cover the disbursement costs  for conveyancing
• Out of pocket expenses are useful in hiring service providers such as representational and additional services
• Registration fees for document preparation, settlement and adjustments
• Connection fees and construction charges paid during property development
• Apportionable outgoings relating to annual expenses include council rates and subdivisions of daily rates
• Non apportionable outgoings for levies and charges before the date of the contract
• Lodgment fees which applies to mortgages
• Land tax supports government revenue collection and it comes from properties and ownership charges and ownership charges
• One off charges like the street construction costs for land where there is unconstructed roads
• Stamp duty charges for transfer, registration fees and mortgages
• Goods and Services Tax ( GST)
• Privacy and freedom of information tax

21. In one sentence describe: General Conditions number: ( p, 8)

1-9.7 Observe detailed schedule, vendor responsibility, financial application, terms, and conditions to avoid breach of contract

10-15 Replacement or amendment of previous conditions calls for special conditions to override the general conditions within the settlement period

16-25 Making of updates by incorporate provisions for dealings with personal property and taxation (The Law Society, 2017)

26-28 Provisions for changes in line with the buyer and seller services

22. Explain how special conditions need to be read in connection with the general conditions ( p, 7)

Special conditions reinforce the standard practice conditions and supports conditions for transactions. Added to the final page, the special conditions guide the sale by auction, and bidding procedures for detailed amendments. These emphasize on the default provisions. These emphasize on the standard conditions and emerging conflicts in a transactions. Therefore special conditions indicate gaps in a business contract sale.

23. If, after a settlement in Melbourne, David discovered Boris' mother-in-law was living in a hut at the overgrown  back  of  the  premises  pursuant  to  an  unregistered  life  estate  (not  disclosed  by  the  usual searches and not disclosed in answers to Requisitions on Title) advise David of his options. Explain as if you were speaking to David one on one

As a purchaser, you need to know about any defects in the title because the law   expects the vendor to update you of all details. This is non-compliance to the contract because you have a right to a good and safe holding. This is subject to acceptable defects but you need   to raise an objection if it displeases you.   The law recognizes all conveyancing activities and you need to verify the requisition title. Disclosure is compulsory and you are to identify the land correctly. It should appear in the search. You should be able to identify pipe water systems, electricity, gas and plans affecting this piece of land. Accurate details are important because you signed a contract with a declaration. The disclosure should contain any special conditions and details about the neighborhood.  Non-disclosure is a violation of the Sale of Land Act 1962 Section 32 clause 7, which gives you the power to penalize the vendor or reject the contract. There is probable breach of contract because it deviates from the contract.

24. Explainthe difference between T1, T2, and T3 forms fully.

T1 is a land transfer form is the most common and it entails all of the vendor’s estate

T2 is a transfer with additional restrictions for encumbrance that is supposed to be attached to the land

T3 is designed for mortgages and is useful for compliant sales agreements   

25. Before we speak to Beyoncet and James, research your relevant State Government and Conveyancing

Institute website and download a current :

SALE OF LAND ACT 1962 - SECT 1 Short title and commencement

SALE OF LAND ACT 1962 - SECT 1

Short title and commencement

    (1)     This Act may be cited as the Sale of Land Act 1962 .

    (2)     This Act shall come into force on a day to be fixed by proclamation of the Governor in Council published in the Government Gazette and any such proclamation may fix different days for the coming into operation of different sections of the Act.

Contract of sale

Under Northern Territory (NT) law a contract of sale of land form, that is approved by the Registrar or Law Society of the NT, must be used for all property sales.

The contract is a legal and binding document that outlines the terms and conditions of the sale and is usually prepared by a conveyancer or solicitor or a real estate agent.

Under the law a real estate or conveyancing agent must not prepare or finalise a contract of sale of land unless it has been approved by the Registrar of Land, Business and Conveyancing Agents or the Law Society Northern Territory for people other than lawyers.

View the approved contract of sale (186.8 kb), contract of sale (242.4 kb).

- Section 32 – Vendors Statement

Property address

The vendor agrees to sell and the purchaser agrees to buy the property, being the land and the goods, for the price and on the terms set out in this contract.

The terms of this contract are contained in the:

Particulars of sale; and

Special conditions, if any; and

General conditions

in that order of priority.

Important notice to purchasers

Section 31, Sale of Land Act 1962

You may end this contract within 3 clear business days of the day that you sign the contract if none of the exceptions listed below applies to you.

You must either give the vendor or the vendor's agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor's agent to end this contract within this time in accordance with this cooling-off provision.

You are entitled to a refund of all the money you paid except for $100 or 0-2% of the purchase price (whichever is more) if you end the contract in this way.

The 3-day cooling-off period does not apply if:

you bought the property at or within 3 clear business days before or after a publicly advertised auction; or

the property is used primarily for industrial or commercial purposes; or

the property is more than 20 hectares in size and is used primarily for farming; or

you and the vendor have previously signed a contract for the sale of the same land in substantially the same terms; or

you are an estate agent or a corporate body

Instruments Act 1958 s126

Certain agreements to be in writing

    (1)     An action must not be brought to charge a person upon a special promise to answer for the debt, default or miscarriage of another person or upon a contract for the sale or other disposition of an interest in land unless the agreement on which the action is brought, or a memorandum or note of the agreement, is in writing signed by the person to be charged or by a person lawfully authorised in writing by that person to sign such an agreement, memorandum or note.

9. 126(2) inserted by No. 23/2004 s. 9.

    (2)     It is declared that the requirements of subsection (1) may be met in accordance with the Electronic Transactions (Victoria) Act 2000 

The Parliament of Victoria enacts as follows:

1. Purposes

The purposes of this Act are—

(a) to protect the interests of consumers of conveyancing services by regulating the carrying out of conveyancing work by persons other than Australian legal practitioners

Summary

Division 3 of insurance segment the addresses licensee and insurance in conveyancing. Misappropriation of funds is a violation of trust. Disclosure of insurance is important and the insurer (Australia, 2006). The clients insurance calls for high level of professionalism and there are hefty penalties for violations. A licensee is free to give a notice of cancellation for failed services in which case the insurer is allowed to notify the authorizing body.

26. Beyoncethas noticed there is some action around the old school site and requests you place a caveat on their interest in the 8a Lime Ct property. ( p, 17-18)

a-What would you do

Before giving a caveat, it is important to check the agreement for any proof of interest that the school site has. Information of what overrides it with details of how to stopping other dealings calls for concrete claims being lodged. Once it is established that the claims are based on truths, the caveator may be given 35 days to substantiate the claims. I would also make sure that we have completed the initial registration. Since our property is registered, I would proceed with the caveat.

b-How would you go about it c-What would be your costs

To proceed with this process, it is appropriate to lodge a complaint under the Transfer of Land Act. This is an injunction hindering the unlawful dealings by the school. I would identify the caveat because of the contract, the schools perception of the land, purchase, who is entitled and claims presented. I would check for registration and proprietor holdings with adverse claims of possession. In case of a debt, I will establish the sale process and owner claims.  

D-Give all details of the caveat along with your file notes on your actions and your reasons e-Include a copy of the caveat with your submission

Emerging interest of persons having an interest in property 8aLime Ct indicate the person had a contract of sale. It is also clear that the person claiming ownership an unpaid vendor who has taken a percentage of a deposit as he awaits the documentation process. The holder is not registered

27. In the s32, you have received you notice the property currently is on a month-to-month lease   - what would you be aware of here in representing your clients?

S32 Sale of Land Act highlights the details for payment and planned interest rates. Inquire about the terms of contract and required deposits to prevent confusion over other monthly payments. The terms stated in the contract are binding and should be understood carefully. A monthly agreement such as a mortgage indicates a scheme for rates, notices and services by authorities. The client needs to check for dates, Contract Note details, and diary note. Advice on an insurance cover is necessary for dwellings. The client needs to make a search for certificates from local authorities. Any representation in this case shall indicate whether the purchaser has financing.

28. Also the s32 notifies you there is a mortgage on the property. Is this important ? Why? Do you need to know the amount of the mortgage? Explain.

This is important in case of a foreclosure, which may arise due to unstable market conditions. Giving details of the equitable interests, mortgage acquisition and debt issues the mortgage may feature outstanding interests. This ensures that the client does not default in payment. Some agreements call for a six-month period default period.

b What instructions/precautions will you give to James and Beyoncet during your conveyancing for them? Include one obligation and one entitlement of the vendor in the contract of sale.

Signing a contract involves written documents hence it is important to read the content carefully. Verification of the contract validity is mandatory before signing. This process takes a number of steps. Each stage is critical. Incomplete processes have consequences such as loss of the deposit and poor pricing. Investigate the titles, tax rates and adjustments made. Take note of all charges and sentiments. As a purchaser, you have an obligation to avoid fraudulent dealings. Section 32 protects you from exploitation and misrepresentation by the vendor. As the property owner, you have a right to receive rent and profits from the property. This entitlement protects you from wrong information by the vendor.

29. You also notice in the S32 there are some details that you are not sure are current. How would you check the Contract is  up  to  date?  And what parties/entities   are  required  to  supply  accurate  and  relevant information in relation to the contract of sale? Include examples of how a Contract of Sale could become non-compliant even though it has been completed ( p, 86)

To check for current dates check the type of contract. Some contracts such as an executed contract are for future effect or settlement. Inquire about settlement dates and refer to the date of the offer, lapse dates and the date when the memorandum came into effect. Follow any amendment dates and the cumulative date. Nominated dates will highlight when the vendor made the tax or disbursement. The date of adjustment and settlement dates are important because missed date could lead to new settlements. Readjustment in a settlement case indicates incompetence on the conveyancer or Estate agent. A contract could be non-compliant if it the purchaser is unaware of potential liability yet goes ahead to sign a contract. However, any discovery of the loopholes before the settlement date allows for cancellation.  To ensure compliance, stick to the legal expectations.

30. Include file notes for all communication/interaction with James and Beyoncet, and any advice or actions you take or need to take.

References

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