Clog Equity of Redemption | Fetter on Mortgage Redemption

clog equity of redemption

clog equity of redemption A fetter, restriction or impediment, especially such an impediment on the mortgagor’s equity of redemption. A stipulation or provision in a mortgage deed that prevents the mortgagor from recovering his property unencumbered, after repayment of all the monies due to the mortgagee or performance of all the obligations for which the property was given as security. A clog on the equity of redemption may arise, for example, “where the mortgagee will suddenly bestow … [Read more...]

Subject to Contract | Conditional Contract

Subject to Contract

Subject to Contract (STC) Words used, primarily in English law to indicate that something set down in writing is not intended to commit the writer until a binding and concise form of contract is entered into. “The matter remains in negotiation until a formal contract is settled and formal contracts are exchanged”, Keppel v Wheeler [1927] 1 KB 577, 584 (CA) (Winn v Bull (1877) 7 Ch D 29; Law v Jones [1974] Ch 112, [1973] 2 All ER 437 (CA); Eccles v Bryant and Pollock [1947] 2 All ER 865, … [Read more...]

Option Agreement and Conditional Contract | What is the difference?

Option Conditional Contract

Option Agreement and Conditional Contract, Defined And Distinguished An option is a choice available to one party, a conditional contract depends on an external event. An option is a  right to do or not to do something, such as a right to accept or reject an offer within a specified or reasonable period of time. An option provides a right, but not an obligation, to carry out a specific action upon agreed terms, usually a right to buy at a given (or determinable) price within an agreed period … [Read more...]

Highway Carriageway Driftway | compare these Rights of Way

highway carriageway bridleway

Rights of Way - Highway Carriageway Driftway A way or passage on land, made or unmade, over which the public at large has a right to pass and repass for legal purposes. “The word ‘highway’ is of Saxon derivation [heghewei], meaning a right of use for passengers whether public or private. A highway is a "generic name for all kinds of ways which are common to all people having occasion to pass over them", Safeway Trails, Inc. v. Furman, 76 NJ Super 90, 183 A.2d 788, 793 (1962). A right of way or … [Read more...]

Rectification | Is The Correction of Error or Mistake

Rectification

rectification 1. Derived from the Latin rectificare, ‘to put right’. The act of putting something right that was made faulty inadvertently or by accident. The correction of something, as a matter of discretion, that is erroneous or doubtful. For example, the correction of a document when the parties to an agreement realize that it does not state what they had intended; usually due to a mistake or a clerical error. Rectification not a new document Rectification of a document does not create a … [Read more...]

Qualified Fee land interest | Determinable Fee

qualified-fee-interest-in-land

A Qualified Fee land interest is a fee interest limited, or modified in some way, so that the beneficiary may not hold the land forever. "A base or qualified fee is such a one as has a qualification subjoined thereto, and which must be determined whenever the qualification annexed to it is at an end", 2 Bl Comm 109. A 'qualified fee' land interest or a 'determinable fee' is a fee interest like any other, in that it may last forever, but it has a limitation that was attached when the estate was … [Read more...]

Determinable Fee Estate | Determinable Fee Simple

determinable fee estate

Determinable Fee Estate 1.In English law, for 'determinable fee estate' see determinable fee simple. 2.(US)A determinable fee estate is an interest in land that is granted to a person and his heirs, but subject to a qualification that the duration of the estate must end upon the occurrence of an event that may, or may not, happen. For example, a fee held for as long as the property is used for a particular purpose. For example, land is granted as long a it is used as a school. Or, as long … [Read more...]

Conditional Fee Estate | Qualified Fee Simple Estate

conditional fee estate

Conditional Fee Estate A fee estate that was limited to a specified donee and a given class of heirs, exclusive of others, and which reverted to the original donor of the estate, or his heirs, in the event of a failure of the requisite issue. “A conditional fee, at common law, was a fee restrained to some particular heir, exclusive of others”, 2 Bl Comm 110. The fee was ‘conditional’ as long as the specified class of heir remained unborn. “At common law estates limited to the heirs of the … [Read more...]

Mortgage Backed Securities | Securitization of Mortgage Loans

mortgage backed securities

Mortgage Backed Securities are Investment instruments or debt securities that represents an undivided ownership interest in a group of mortgages. A pool of mortgages that are used as collateral for the issuance of securities in a secondary market. The security granted to the investor may provide that the loan is repaid by principal payments received from the underlying mortgages—‘pass-through’ securities, i.e. the security or obligation represents an undivided interest in the loans secured … [Read more...]

Email Legally Binding | Writing Sale of Land

email legally binding

When is an Email Legally Binding? Most contracts for the sale of land must be in Writing. So when is an email legally binding? In English statute law, ‘writing’ is defined to include “typing, printing, lithography, photography, and other modes of representing or reproducing words in visible form”, Interpretation Act 1978, Sch. 1. (Under this definition strictly an electronic document is not ‘writing’.) A requirement that estates or interests in land should be created or transferred in … [Read more...]