- Created by: chrissykaz
- Created on: 12-12-18 23:38
REGISTERED LAND: PART ONE
A register of title to land is necessary because land is a VALUABLE and COMPLEX asset.
Buying land is not like buying other things. For instance, when someone buys a new car, the buyer can be reasonably confident that no one else owns that car. This is not the case when purchasing land. The buyer of that land might find that the property is subjet to a mortgage, or is partly owned by someone else, or that a neighbour has a right of way over it. There are various possibilities.
The buyer must be sure that he/she knows about any rights that will continue to exist over the land, to ensure that the land is free of interests that are unwelcome or undermine its value, or to ensure that the purchase price is adjusted accordingly. As mentioned before, LAND IS A VALUABLE ASSET; although the buyer of a car might get upset to discover the he/she is not the only owner of the car, a buyer of a house who makes a similar discovery might have lost his/her entire life's savings.
PURPOSE OF LAND REGISTRATION: to draw a careful balance between interests of different parties; buyers of land want…