Introduction

In Topic 8 we consider the methods and the legal requirements for effectively acquiring property rights by transfer for valuable consideration (sale) or by gift (a voluntary transfer). Our discussion takes us to consider this in relation to both goods and land. We first consider the formality requirements for the transfer of land in relation to both legal and equitable interests. We examine both the general law and the Property Law Act 1974 (Qld). We next examine the law that has evolved in relation to overcoming the lack of compliance with the form requirements, which the law has established in relation to transactions concerning interests in land. We then consider the situation where there is a contract for the sale of land and the role of equity in that process. In this context, we are interested to see what interest a purchaser has after entry into a contract of sale but before completion of the contract in a land transaction.[1] We next analyse the nature of gifts with a focus on land and in particular what the law requires to perfect a gift of a proprietary interest. We highlight the role of equity in the enforcement of gifts or what the law more technically refers to as ‘voluntary transfers’. We conclude this topic by considering, in an introductory way, the role of the express trust and how this is now regulated in Queensland under the Property Law Act 1974 (Qld).

Reading:

[1] A detailed discussion of the standard contracts for sale and purchase of land in Queensland is undertaken in LAWS12059 Conveyancing.

Objectives

After studying Topic 8 you should be able to:

• Identify and articulate the nature of the formal requirements at general law and under the Property Law Act 1974 (Qld) for the transfer of interests in land;
• Identify and understand the law governing land transactions where there has been a lack of compliance with formal requirements under law;
• Appreciate and show an understanding of the role of equity in determining interests in contracts for the sale of land between execution and completion of the contract of sale;
• Appreciate and evaluate how and upon what basis the law recognises and enforces gifts (voluntary transfers) with a focus on land and the role of equity in that process; and
• Discuss and show a general understanding of the express trust and the implications of the PLA (Qld) for property rights.

Summary

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Tutorial

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Version

This unit was last updated on 10.03.2019