Unformatted text preview: was then introduced to require the vendor to be able to provide documentary proof of
title for a length of time sufficient to establish themselves as owners and to effectively exclude other claims.
While the various states have provision for the registration of deeds, under the common law system registration is optional and does not of itself give the owner rights. The title to common law land
therefore passes on delivery of the deed or conveyance, irrespective of whether or not the deed is registered with the relevant land title authority. Under common law title the mortgage of the land involves the transfer of the land to the lender on
the basis that it will be transferred back to the borrower on repayment of the loan. The lender becomes
the owner of the land and the borrower is left with rights called the equity of redemption—that is, the
equitable right to redeem the property on performance of their obligations under the mortgage.
As a result of this conditional transfer of the title, there can be only one legal mortgage—that is, a
mortgage recognised by both common law and equit...
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This document was uploaded on 04/23/2012.
- Three '12