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Because of the need to have possession of every

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Unformatted text preview: y. Any second or subsequent mortgages are only mortgages of the mortgagor’s equity of redemption and are therefore recognised by equity only. In the event of default, a legal mortgage takes priority over an equitable mortgage. 863 CHAPTER 33 PROPERTY AND MORTGAGES Disadvantages of the common law system Some of the disadvantages of this system are: • Uncertainty of title. Because of the need to have possession of every document involving the particular block of land before the owner can conclusively prove that he or she is the true owner, any lost or forged document may allow a break in the chain of ownership, which could deprive the present owner of a good title. • Cost. Because of the complexity of a conveyance involving common law title transfer, solicitors for both vendor and purchaser examine the title independently each time the land changes hands. This is time-consuming and costly. • Complexity. Special skill and knowledge is required to deal with the deeds relating to land. • Certification. There is no state Certificate of Title. •...
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