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Land as "Property" - Chapter 1 (Real Property (Realty, Freehold…
Land as "Property" - Chapter 1
Real Property
Realty
Freehold land
Real action/Action
in rem
Personal Property
Personalty
Personal action/Action
in personam
Also known as chattels
Chattels real
Consists of leasehold property
Chattels personal
Choses in possession
Consist of tangible items, e.g. a pen/car
Choses in action
Consist of intangible property, e.g. copyright, shares, debts
Transferring Property Rights
By gift
By a contract
Agreement - offer & acceptance
Intention to be legally bound
Consideration - something of value
Contract
Sale "subject to contract"
An unenforceable agreement
Either party can withdraw or try to change the agreed terms
Gazumping can happen
Exchange of contracts
An enforceable agreement
Legally binding
Terms of sale, e.g. completion, date, price are fixed
Buyer does not have full property rights at this stage but does hold an interest
Completion
Transferring the property to the buyer
Must be by DEED - S.52 LPA 1925
Possession of property