Enforceability of Third Party Rights in the Unregistered System - Removal of third party interests/overreaching
3 important questions on Enforceability of Third Party Rights in the Unregistered System - Removal of third party interests/overreaching
Explain how the purchaser is able to remove the third party interest before the purchase?
If a lease, easement, mortgage or covenant is discovered, the buyer may negotiate with the person with the interest and get them to release their interest.
Explain the different ways in which the person who holds the benefit is able to release their interest?
Could involve payment of money either by the seller, eg the repayment of a mortgage loan or by the buyer, eg for the release of a covenant.
Explain the 3 conditions (a-c) that the buyer must satisfy if the buyer wishes to take the land free of the interests of the beneficiaries under any express or implied trust?
To overreach a beneficial interest the buyer must acquire the legal estate in the property; must pay the purchase money to all the trustees; must be at least two trustees, or a trust corporation.
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