Define: Estate Contract

Estate Contract
Estate Contract
Quick Summary of Estate Contract

An estate contract is a legal agreement that pertains to the transfer, purchase, or sale of real property or land. It outlines the terms and conditions under which the property will be bought, sold, or transferred between parties. Estate contracts typically include details such as the purchase price, property description, payment terms, and any conditions or contingencies that must be met for the transaction to proceed. These contracts are legally binding and serve to protect the rights and interests of both the buyer and seller throughout the real estate transaction process.

Full Definition Of Estate Contract

A contract to convey an interest in land, or a contract creating the right to take an InterestInLand. If A makes a contract with B to sell him his house, then an estate contract arises in B’s favour. B now has an equitable interest (under a ConstructiveTrust) in A’s land. The question then arises what would happen if A did not transfer the estate to B with the appropriate formalities, and later sells the land again to someone else? As an equitable interest, B’s right must be duly protected if it is to be enforceable against the later purchaser. This means, in practice, the registration of a class C(iv) land charge if the land is unregistered, or a Notice if it is registered.

In a straightforward conveyancing transaction, where the contract is specifically to transfer a registered legal estate, then the application for a priority search usually makes it unnecessary to enter a specific notice of the contract.

A contract to convey is not the only estate contract that is recognized. Other examples include an option to purchase and, with a Lease, and Option To Renew.

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This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March, 2024.

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