Business Law Assignment: Title Transfer and Legal Formalities

This report provides a comprehensive analysis of business law principles, focusing on property title transfer, client onboarding processes, and the legal frameworks governing these areas. It covers the procedures for taking on new clients, including necessary documentation and verification steps. The report explores new privacy principles and their impact on the industry, outlining the key aspects of data protection and compliance. It addresses legal procedures in cases of client identity uncertainty, detailing necessary verification steps and required documentation. The report also covers the costs associated with title searches, required documents for title transfer, and the requirements for first-time homebuyers. It further examines the components of a land register, the differences between register and final searches, and the distinctions between the searching and investigation processes of a title. The report also explores the role of insurance, legal aspects of property sales, and the steps involved in conveyancing. Overall, the report provides a detailed overview of the legal and procedural aspects of property transactions and business law compliance.

Identify and conduct
searches

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Process of taking new clients in organization and elements which they need to bring with
them.............................................................................................................................................1
2. New privacy principles and its impact on industry ................................................................2
3. Policy or procedures required during uncertainty in identity of client...................................3
4. Cost of title search and who do need to contact......................................................................4
5. Documents required for transfer of title and related cost........................................................4
6. Requirements for first home buyers and benefits they are eligible for...................................6
7. Components of land register book..........................................................................................6
8. Difference between register search and final search as well as elements of search................7
9. Difference between searching process to investigation of title...............................................8
10. Acquisition of copy of new property land title and suggestion to James by writing a letter 9
11. Awareness while buying a land and business elements to considered................................10
11A. Statement needs to be given while sale of business.........................................................11
12. Five aspects which not be recorded on title.......................................................................11
13. Suggestion to a client on renovation and garage that was built four or eleven year ago
while selling his\her house........................................................................................................11
14. Explanation on lodge a caveat and remove a caveat...........................................................12
15. Outcomes and technique of achieving target after agreement between client and agent for
acting on behalf.........................................................................................................................13
16. Outcomes of not having PI and PL insurance and place for acquiring this........................13
17. Role of section 34 in all properties and process adopted by purchaser to avoid this contract
...................................................................................................................................................14
18. Professional involved in conveyance..................................................................................14
19. Regulation and compliance changes...................................................................................15
20. Changes in conveyance by putting yourself in a person place............................................15

21. Techniques of ensuring that there is absence of errors made in transaction.......................15
22. Role of S34 in all dwellings and procedure followed by purchaser for avoiding contract. 16
23. Is there any changes in legal position of purchasers due to sale of land act from caveat
emptor to caveat vendor by incorporating section 32...............................................................16
24. Deposit be released notwithstanding the purchaser has not authorised the release or
objected.....................................................................................................................................17
25. Sebastian do anything to force Patrick to release the deposit ............................................17
26. Type of fees can Fee notices be used for...........................................................................17
27. Registration of a dealing effected under the Property Law Act..........................................17
28. Criteria for concession eligibility.......................................................................................17
28 A. Value to which the exemption or concession (above) applies........................................18
29. GST payable on the rent received for a commercial property and who is responsible for
payment.....................................................................................................................................18
31. Due fees and documents required for a plan of subdivision...............................................19
32. Five ways a covenant can be removed and explain the difference between a covenant and
a caveat......................................................................................................................................19
CONCLUSION..............................................................................................................................21
REFERENCES..............................................................................................................................23
REFERENCES .............................................................................................................................26

INTRODUCTION
Business laws are cluster of various types of norms, beliefs and acts on the basis of
different sections, rules or regulations in order to create an environment free from fraudulent
activities, crimes, wrongful acts and several exploitation. However, legal bodies of UK are
playing a major role in preventing individuals from frauds by enacting different types of laws
which are applicable as per the demand of situation. In fact, each and every person of society
must consider essential acts or fundamental rules designed under constitution in order to live
their life more comfortably or legally (Afuah and Tucci, 2012). Along with this, they must
follow necessary terms of legitimate bodies while running their day to day activities as well as
work.
Thus, assignment is going to highlight necessary formalities which must be considered by
an individual and organization during transferring of title as well as possession. Moreover, an
effective registration process that is followed by entire community is also outlined in this project.
Additionally, essential elements of business selling, procedure of transferring title, stages of
insurance, its significance and roles of different legal members in title conversion are going to be
framed in this assignment. Hence, it has been analysed that fulfilment of legal formalities is
indispensable for reducing the chances of fraudulent activities because it may hamper the life of
common people and discourage them. Last but not the least, overall report is showing a major
impact of distinct identity acts, norms or laws which is applicable on individual, common people
and whole corporate world in order to run their job role in much better way.
1. Process of taking new clients in organization and elements which they need to bring with them
An organization needs to follow an effective procedure while entering a new consumer
in an organization for minimizing the chances of frauds and confusions. Basically, it is highly
indispensable to consider necessary terms or conditions while introducing a property to specific
purchaser (Armstrong and et. al., 2011). Thus, as per the common law, buyer needs to cover
certain building for enhancement from day of sale but in current time frame, legitimate body is
modifying this circumstance. Therefore, an effective process of appointing new client is
described as follows:
 Sharing templates with consumers
 Design structure folders and sub-folders
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 Needs to configure client permission
 Options to documentation of appropriate process
Hence, above process is used by company for taking new customers in an association.
Apart from above steps, some other additional phases are also considered while conducting this
process.
(Source:- Sculthorp, 2017)
As per graphical representation, it has been identified that proper steps are followed by
the organization by considering necessary facts or figures.
Along with this, mandatory things that needs to consumer to bring with them are
highlighted below:-
 Legal documents if available any,
 Personal verification document
 Certificates
 Forms
All these above components requisite during participating into contract or dealings (Battelle,
2011).
2. New privacy principles and its impact on industry
Legal bodies are implementing various appropriate acts for preventing confidential
information from exploitative person as well as hackers. Along with this, number of frauds are
identified which always try to misuse the private data of specific identity. Therefore, useful
principles are determined by legitimate bodies for defending several facts or figures related with
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Illustration 1: A Guide To Client Onboarding

distinct individuals. Thus, some of the mandatory principles of privacy are going to be explained
further: Lawfulness, fairness and transparency: - According to this factor, it is essential to
disclose the subject whatever data is going to be processed. Along with this, needs to be
fair by fulfilling the necessary legal terms. It means an effective process needs to be
tested under GPDR. Purpose limitation: - As per this term, an organization needs to use specific information
for major purposes which is mentioned in article 5 clause number 1 (b). It means before
using confidential facts, an association needs to take prior consent (Biggs and et. al.,
2013). Data minimization: - Information which was accumulated must need to be precise,
relevant or limited as well as gathered whatever is required instead of unusual. Accuracy: - As per article 5 clause number 1 (d) up to date and accuracy needs to be
maintained. Storage limitation: - In this article 5 clause number 1 (e) expressed that personal data
needs to be maintained in that form which allows identification of information subjects
for specific time period. Integrity and confidentiality: - According to this element, processors need to manage
effective content in an appropriate way.
Hence, it has been analysed that above six privacy principles provide high level of
overview of specific areas which are covered by new regulation.
3. Policy or procedures required during uncertainty in identity of client
In today's scenario it has been observed that number of fraudulent activities are identified
at workplace for gaining maximum benefit by harming others. Basically, an appropriate process
needs to be conducted while occurrence of uncertainty in identity of client as well as property
(Borucki and et.al., 20). Therefore, initial step is to verify necessary documents for identifying
the wrongful conduct due to which legal bodies are encountering number of issues or problems.
Along with this, an enterprise or identity handler needs to follow specific procedure or proper
steps to conduct verification process in much better way. Therefore, mandatory documents
requisite for identity confirmation are mentioned below:-
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 Local passport or foreign as well as driving licences, photo card as well as marriage
certificate if there is need.
 Birth certificates and nationality proof.
Apart from this in the case of property some other phases needs to be considered which is
written below:- Investigation:- According to this component it is essential to gathered necessary
information by researching before entering into a contract in order to avoid chances of
loss, frauds or wrongful conduct because it may hamper the overall agreement (Brunt and
et. al., 2011). Thus, purchaser need to answer following question that is; is it where want
to live? , can I afford it?, how much are the transaction cost?
 Vacant ownership versus subject to occupancy:- There is a major difference between
home buyer and investor from which home purchaser always wanted empty possession of
specific land while settlement whereas investor buy it for lease.
Instead of above steps legal bodies are implemented some of the useful terms or
conditions in order to verified uncertainty which might occurred during transferring of ownership
from seller to buyer.
4. Cost of title search and who do need to contact
Identification of title is not an easy task and it vary from country to country due to
distinguishes in currency rate. For example; American legal bodies are charging almost 75 dollar
to 100 for identifying title whereas different nations are costing fluctuates. Basically, various
consumers are engaging several procedures for acquiring suitable title to particular individual.
Thus, a person whomsoever wanted to gain specific or different title needs to contact “statutory
searchers” which consist of various number of necessary elements or components (De Jong,
Linn and Zacharia, 2013). For example; a title search, land information certificate, building
permits, building certificates, road certificates, owners corporation certificates and so on. Hence,
it has been assessed that legal bodies are playing a major role in assigning suitable title to
appropriate person.
5. Documents required for transfer of title and related cost
Legal bodies was enacted different laws, norms, beliefs, rules or regulations which must
be followed by parties while transferring property from one person to another. In fact, it is
essential to consider necessary terms, conditions, fees, taxes as well as other expenses in order to
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fulfils legal formalities. Thus, some of essential components or documents which must be
consider while transferring title are describing underneath :- Stamp duty on transfers:- One of the indispensable factor while doing registry process
because until unless land is not stamped further procedure will not take place. Tax payment:- For acquiring possession of specific land an individual needs to pay tax
which is also known as a duty and it must be paid within around 30 days of settlement for
minimizing the chances of penalties (Deshpande, and et. al., 2014).
 GST and conveyancing:- It is essential to pay this tax that is of almost 10% during
supply of maximum goods or services which is manufactured by European marketplace.
Along with this, it has been analysed that this act is known as new tax system act of 1999.
However, main objective of this act is to final user of product is going to bear the
drawback of tax instead of business whomsoever is supplying particular product.
Furthermore, an organization or individual needs to gathered useful documents while
transferring possession are:-
 Original registration certificates.
 Notice of possession transferring as well as single image of seller or buyer together and
dully signed.
 Residential certificate.
 Personal verification cards such as licence , nationality and so on.
 Transfer deed which is a necessary document must requires during transferring of real
property from legal owner to other party.
Hence, it has been understood that transaction is not an easy task because it is consuming
an appropriate procedure due to high range of complexity which may occurred while performing
this activity. Along with this, participation of maximum number of members are taking place.
Moreover, it will consume maximum amount of fund due to availability of various legal players
(Ferguson and Brannick, 2012).
Cost of transferral title is assume around 600 euros due to involvement of maximum
number of individual as well as long process.
6. Requirements for first home buyers and benefits they are eligible for
According to legal bodies an appropriate federal housing administration is seen as famous
choice for first time buyers because it will offer house on minimum down payments. For
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example; only almost 10% required for borrowers because they are not having much more funds.
In fact, main objective of home purchasers is to acquire best possible benefits from housing
bodies. Along with this legitimate bodies are offering this facility in order to facilitate distinct
individuals with necessary facilities. Hence, benefits acquired by home buyers are described as
follows:-
 Eligibility to receive maximum amount from Federal housing association in order to
acquire required facilities.
 Need to pay stamp duty on purchase which means it is essential to pay land transfer duty.
 Individual buying home are eligible for various exemptions, concession and reduction
from stamp duty on specific property (Fujimura and Rajagopalan, 2011).
Apart from this, various other types of benefits consumed by home buyers are ; -
 Reduction is a one-off duty up-to 50% if an individual is entered into agreement before 1
July 2017.
 Pensioner concession.
 PPR concession which means principal place of residence.
 Concession offered to farmers like youngsters while buying their first or foremost land
or property to grow crops.
7. Components of land register book
Land registration is an appropriate process which highlight the effective systems that
primarily concerning ownership, possession as well as other rights on property must be recorded
in this book. Along with this, it also provide evidence of title, facilities of transactions by
preventing unlawful disposal. However , whatever information is recorded is vary as per
jurisdiction decisions (Furlong and et. Al ., 2013). Additionally, land register book is going to
cover all the necessary elements which must be considered while registration process in order to
avoid chances of losses, frauds or wrongful conduct. Thus, various essential components of land
register book are described as follows:-
1. Name of seller and buyer as well as their identity information.
2. Plot information such as; size , locations and so on.
3. Dimensions of overall data.
4. Value.
5. Identification
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6. Charges.
7. Necessary certificates.
8. Mapping or surveying of specific land.
9. Clear legal bases and high legal guarantee.
10. Federal or legal license for surveyors.
Hence, all the above elements needs to be considered while registering a land in order to
control wastage, fraudulent activities and wrong registry because it may have a greater impact on
both the party (Grissom and Loeb, 2011).
8. Difference between register search and final search as well as elements of search
Land registry is a very long process which consist of appropriate process, techniques or
tools in order to manage each or every aspect in effective manner. Basically, an individual and
legal party of them are considering necessary documents during identification of land. Thus,
major difference between register search and final search is describing as follows:-
Register search Final search
 According to this term agent or any
legal members needs to verify
document of necessary information or
data in manual way. It helps them in
understanding the fact related with
acquisition party.
 This process is conducted manually
with the help of useful facts or figures.
 Final search is considered as a last
process of verifying the land registry
documents by seeing the object
practically. Basically, its about end
stage of registry procedure in order to
gain final information or proof.
 Whole procedures is going to held
practically by searching the land in a
applicator form (Gu, Park and Konana,
2012). For example; by acquiring
picture of specific place, nearby
locations are so on.
Hence, above information shows that both the term are indispensable for completing
overall procedure of registering land from one party to another. Basically, most important reason
for conducting these stages is to verify entire data in both manner practically as well as manually
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in order to avoid the chances of loss. Apart from this, some of the essential elements which must
be considered during searching process is explained below:
 Personal verification of buyer as well as seller.
 Need to visit at site for cross checking.
 Involvement of legal agent.
 Registration process of title transferral.
 Documents of land.
 Stamp duty.
 Various significant forms (Hannak and et. al., 2013).
9. Difference between searching process to investigation of title
After considering both the procedure it has been analysed that final search or register
search is directly connected with investigation of title because in both the term agent needs to
identify the actual property holder of land in order to make final decision. However, there is not
that much difference as objective of searching process is same as investigation procedure
because it may help in identifying the actual holder of specific land. Apart from this, there is a
few elements that are identified which shows the little bit difference between both the procedure
of searching. Hence, it has been described below:-
Investigation of title Register search/ Final search
 According to this term it has been
understood that if a legal agent or any
individual is going to investigate
necessary information about specific
land or title without considering
documents are falls under this category
(Harman, Mansouri and Zhang, 2012).
 This process is considered as a initial
step.
 Whereas, register search is all about
identifying title information recorded in
a document in a manual way for
analysing corrective information.
 On the other hand, final search or
register search is last step of title
researching because in this phase
projected information is going to
compared with actual data.
Thus, it has been analysed that investigation of title is highly differ from final search due
to its procedure or roles towards parties. On the other hand it has been understood that objectives
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of both the terms are similar but difference in some extent due to which their way of processing
is distinct with each other.
10. Acquisition of copy of new property land title and suggestion to James by writing a letter
James needs to follow specific process for acquiring copy of his new land in order to
fulfil each or every aspect of registry process. Basically, James needs to follow specific
procedure while conducting this activity. However, HM Land registry is an appropriate place
which is responsible for storing necessary data, information and all the title deeds in order to
prevent it from frauds (Henderson and et.al ., 2011). Thus, an appropriate process needs to
followed by James while acquiring document is described below:-
 First or foremost step is to contact with legal agent or lawyer in order to understand
specific terms or conditions.
 Need to identity the property or land which is registered.
 Its time to download title register through online services in order to identify the number
of property title as well as to find out whether the HM land registry grasp a copy of
specific deeds.
 Now, candidate needs to fill the deeds request form.
Hence, it has been analysed that an individual or purchaser needs to follow above specific
process in order to overcome chances of wrongful conduct and misinterpretation (Huang, White
and Dumais, 2011). Thus, appropriate letter for James is going to cover above necessary process
by showing the actual or corrective place for acquiring copy of title. Hence, an appropriate
format of letter is designed as follows:-
To,
James,
Date: March 17, 2018
Subject:- Suggestion on acquiring copy of title.
As a lawyer or legal authority it has been advised that you have to hire a legal
member for understanding the necessary terms or conditions of legitimate bodies in order
to fulfil all the mandatory requirements. Mainly, he needs to contact HM land registry for
getting their necessary documents by verifying indispensable information.
Moreover, above process is also going to mentioned in this letter for making
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