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The right of transfer regulates the transfer of ownership of real property, including legal requirements, contracts, and dispute resolution. The seller must prove ownership and inform the buyer of any liens. Equitable and legal titles are recognized, with the buyer having the right to claim legal title once payment is made. Breaches of land sales agreements can result in specific performance orders in common law jurisdictions.
The right of transfer is the set of laws relating to the transfer of ownership of real property, also known as transfer. Real property, also called immovable property, real estate, or immovable property, refers to land and any permanent structure or human improvement upon it. It regulates matters such as the legal requirements for the transfer of property, contracts for the sale of land and the legal resolution of transfer disputes. The specifics of the right of transfer depend on the jurisdiction where the transfer takes place.
It is up to the seller to prove that he is the rightful owner of the land. Most jurisdictions maintain a landowner registry that records who has title to a piece of land. The seller must also inform the buyer in advance of any restrictions or limitations on the title of the property, called liens. Bonds include things like mortgages, liens, and easements. The transfer process is usually carried out by the buyer’s and seller’s solicitors, although in the UK and some member countries of the Commonwealth of Nations it can also be carried out by a real estate law specialist called a licensed mover.
Transportation law usually recognizes the transfer of two types of property titles in the course of a transaction, equitable title and legal title. Equitable title usually transfers to the buyer after an agreement is reached, while legal title does not transfer until the transfer is complete, although the specific point at which equitable title is transferred varies by jurisdiction. Once fair title has been transferred to the buyer, the buyer has the legal right to claim legal title once the contractually agreed price has been paid to the seller. Any increases in the property’s value after the transfer of title equity, such as rising land prices or the discovery of natural resources, are enjoyed by the buyer.
If the seller subsequently refuses to transfer legal title, he may be sued by the buyer and legally required to do so. This makes transfer law somewhat unusual in British common law jurisdictions, such as the United States of America and the United Kingdom. Under common law, most breaches of contract allow the injured party to sue only for damages and not for specific performance, a court order requiring the defaulter to perform the terms of the original contract. Land sales agreements are the major exception to this in common law jurisdictions and often the only area of contract law where specific performance is routinely ordered. In civil law jurisdictions, such as countries in continental Europe and most of Latin America, specific performance is a much more commonly used legal remedy, and therefore contracts for the sale of land are not unusual in this regard.
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