Business, Legal & Accounting Glossary
In registered conveyancing, the prospective purchaser of an Estate In Land applies to the land registry for a priority search shortly before handing over the purchase money to the vendor. When a priority search is registered, not only does it indicate the state of the vendor’s Registered Title, it prevents the proprietor dealing with the land during a certain period of time (currently 30 days).
Without a priority search procedure, the purchaser would be at risk if an unscrupulous vendor, for example, borrowed money under a mortgage between the purchaser’s search of the register, and the execution of the transfer.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Priority Search are sourced/syndicated and enhanced from:
This glossary post was last updated: 7th April, 2020 | 0 Views.