4 Priority and registration with audio

Principles of Land Law: 

Principles of Land Law Priority and registration

Competing interests in land: 

Competing interests in land Bank (mortgagee) v tenant Bank (mortgagee) v spouse or partner with an equitable interest

The basic rule: 

The basic rule The first in time has priority But equitable interests in land can be defeated by a later bona fide purchaser for value of a legal interest without notice of the equitable interest If someone fails to register a registrable instrument within one month then it is defeated by a later bona fide purchaser for value or mortgagee

Slide4: 

An equitable interest is subordinated to that of a later bona fide purchaser for value or mortgagee

Elements of the bona fide test: 

Elements of the bona fide test Purchaser Bona fide Notice

Notice / knowledge: 

Notice / knowledge Actual Constructive Arising from inspection of the title deeds Arising from physical occupation of the person with the equitable interest

Physical occupation as constructive notice: 

Physical occupation as constructive notice Need to make enquiries if anyone other than the legal owner is in physical occupation

Can the equitable interest come back to life?: 

Can the equitable interest come back to life? Equitable interest Legal interest acquired by bona fide purchaser without notice That legal interest acquired by someone with notice of the equitable interest

Registration: 

Registration Many transactions have to be registered at the Land Registry within one month Failure to register in time makes the transaction voidable as against a later bona fide purchaser for value or mortgagee

Title registration:The Land Titles Ordinance: 

Title registration: The Land Titles Ordinance Currently the deed passes legal title When the Land Titles Ordinance is implemented the register entry will pass title Equitable interests will have to be protected by entering a non-consent caution

Next time: 

Next time Licences