sections - sale & mortgage
DESCRIPTION
TPTRANSCRIPT
Sale - S 54
Rights and liabilities of buyer and seller - S 55
Seller’s Duties
• Before sale
• To disclose material defects in the property or title - S 55(1)(a)
• To produce the title-deeds for inspection - S 55(1)(b)
• To answer relevant questions as to title - S 55(1)(c)
• To execute conveyance - S 55(1)(d)
• To take care of the property and title deeds
• To pay the outgoings
• After sale
• To give possession to the buyer - S 55(1)(f)
• To covenant for title - S 55(2)
• To deliver title deeds on receipt of the price - S 55(3)
Seller’s Rights
• Before sale
• Entitled to all rents, profits or other benefits - S 55(4)(a)
• After sale
• Charge on property (unpaid vendor's charge) - S 55(4)(b)
Buyer’s Duties
• Before Sale
• To disclose facts which materially increases the value of property
• To pay the price
• After sale
• To bear the loss to the property - S 55(5)(c)
• To pay the outgoings - S 55(5)(d)
Buyer’s Rights
• Before Sale
• Charge on property for price paid - S 55(6)(b)
• After sale
• Entitled to all benefits - S 55(6)(a)
Marshalling by subsequent purchaser - S 56
Discharge of encumbrances - S 57
Mortgage - S 58(a)
Simple Mortgage - S 58(b)
Mortgage by conditional sale - S 58(c)
Usufructuary Mortgage - S 58(d)
English Mortgage - S 58(e)
Mortgage by deposit of title-deeds - S 58(f)
Anomalous Mortgage - S 58(g)
Right of redemption - S 60
Other rights of mortgagor - S 61-64
Liabilities of mortgagor - S 65 & 66
Right to foreclosure - S 67
Other rights of mortgagee - S 68-73
Liabilities of mortgagee - S 76
Marshalling by subsequent mortgagee - S 81
Contribution - S 82
Redeem up - S 91
Subrogation - S 92
Prohibition of tacking - S 93
Foreclose down - S 94
Charge - S 100