The Deceased Estate : Assignment
Added on 2020-10-22
2 Pages866 Words293 Views
In regards to Deceased Estates, what needs to be considered in relation to – Holding of Realproperty?ANSWERThe deceased estate of a person is inclusive of real estates, money, shares, accounts,personal possessions, etc. The assets including real property of the deceased are held in atrust from the time he dies till the time property is not transferred to his beneficiaries. The beneficiaries are persons who are nominated in the will of the deceased person.The property is distributed by the executor mentioned in the will or the administratorappointed by the court. Therefore, it can be said that the real property of a deceased is held intrust by the time it is officially distributed.Q54. As a general rule a person may freely dispose of property to which they have title, and aperson may purchase property, which is offered for sale. There are 2 qualifications to thisgeneral rule, explain them. ANSWERThe qualifications to the general rule under which person may not be allowed todispose off property are as follows:Firstly, if the title of the property is under encumbrances, which means that theproperty is under burden, obstruction or impediment which diminishes thevalue of property and could block a sell agreement as a person having anycharge on the property could take action any time. Also, the potential buyerwill find about it while conducting the title search.Secondly, if one does not possess legal title over a property but only a nequitable or beneficial title, as the legal title gives one the actual title over aproperty while the equitable title only creates a financial benefit on theproperty.Q19. Harry purchased land in Victoria. The Section 32 disclosure statement contained several“strict” contractual conditions, which were not incorporated into the Contract Note. AdviseHarry briefly if he is bound by the contractual conditions in the Section 32.ANSWERThe section 32 of the Sale of Land Act in Victoria states the responsibility of a sellerto disclose certain details about the property which the buyer could not know on mereinspection and he has a right to know. The seller is bound to provide the buyer with a contractbefore the contract is signed but if the buyer has not given section 32 statement then thebuyer has a right to walk away form the deal. In the given case Harry is entitled to have a Section 32 statement either incorporatedin the contract or separately. As the contract note does not specify the details of section 32Harry has two options, either he can make enquiry with the seller in this regard or he canwalk away from the contract.Q22. Sam, as a sole registered proprietor, wished to make a gift of a valuable block ofunencumbered land to his girlfriend. Sam promised his girlfriend he would transfer the land
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