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Legal Aspects for Property Transactions - Doc

   

Added on  2020-05-11

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Legal aspects

Table of ContentsCase description.........................................................................................................................3Rules...........................................................................................................................................3Equitable interest....................................................................................................................3Trust.......................................................................................................................................4Estoppel..................................................................................................................................4Licence...................................................................................................................................5Conclusion..................................................................................................................................7References..................................................................................................................................8

CASE DESCRIPTIONIssue: In the considered case situation; Plaintiff (Paul) is planning to sue to evict defendant(George) because according to him; he is the sole legal owner as per the applicability right ofsurvivorship since rose died. However, the defendant will argue for an equitable interest inthe cited property.Plaintiff: PaulDefendant: GeorgeRULESEquitable interestDefinition: Property ownership can be split into two categories: legal interest and equitableinterest (Penner, 2016). An equitable interest refers to an interest held by an asset of anequitable title that shows property’ s benefitted interest which will provide the owner theright to acquire legal title, or can make claims on the equitable ground like holding of interestby a beneficiary of the trust (Wang, 2016). Equitable interest is considered as a right in equitythat might be secured by an equitable cure. Case: Chan Yuen Lan v See Fong Mun [2014] Brief factIn the cited case; associated parties is one married couple (octogenarians), Mr See and MdmChan, the concern of this dispute was a lodge home been purchased during 1983 for approx.$1.8 million (now valued at $20 million) and is registered by the name of Mdm Chan. Theprice for the purchase came from several sources. After thy purchased the bungalow, MdmChan implemented a legal representative for Mr See their son (eldest), giving them theresponsibility to maintain the bungalow and put in to sell for such price as they see fit. In2011, Mdm Chan cancelled the power of attorney as he thought that Mr See was selling thehouse. This provoked Mr See to ask for the announcement that he was beneficial party to theagreement. However, Mdm Chan counterclaimed that the bungalow was a present to her asper the assumption of advancement.Main outcome

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