Quizzes & Puzzles1 min ago
Who and how to ask on 'option to buy agreements and contracts'
The essence of my dilemma is this,if I suspected that a property deal had been done and that not to show on Land Registry records it took the form of an option to buy agreement or contract what would be the onus on the solicitors asked to confirm or deny said alleged deal and if asked by a court would the probability of increase to near the 100% mark ? Thank you ABs.
Answers
An option is a right to do, or not to do, something often within a specified time. An option to acquire land or an interest in land on specified terms will only bind third parties if it is registered. If the option does not specify the price it will only be valid if it specifies the means of determining the price. Therefore an option to buy at a price to be agreed...
15:30 Fri 05th Oct 2012
An option is a right to do, or not to do, something often within a specified time. An option to acquire land or an interest in land on specified terms will only bind third parties if it is registered. If the option does not specify the price it will only be valid if it specifies the means of determining the price. Therefore an option to buy at a price to be agreed later, without specifying the means of determining the price, is void for uncertainty.
Your post seems to imply you suspect the deal has actually been done - i.e. completed so that the transfer of ownership has taken place. Do you suspect that, & if so what evidence or basis do you have?
So far as I know, any such transaction would have no legal validity until the transfer of ownership was registered at the Land Registry.
So far as I know, any such transaction would have no legal validity until the transfer of ownership was registered at the Land Registry.
Thank you for your comments tonywiltshire,I understand what you say but I could probably refine my question a little for best results.What I really wanted to do was be able to prove to a court that despite what showed on Land Registry records an 'agreement or contract' in some form either exists or did exist in regards a certain property title.It is indicated that a deal has been done several times in the case evidence that I am concerned in but is denied in witness statements on the claimants side,so,are you suggesting that any option, whether agreement or contract would have to be registered and if so how would I go about proving it ? (I discovered the option to purchase angle on Net Lawman incidentally after some research online) I would assume that a price would have been fixed but with whom do you think it would have been registered ? Yours in anticipation !
An option to purchase land is a contract between a party (or parties) who will - if the terms of the option are satisfied - sell the land, & another party (or parties) who will purchase the land - again, if the terms of the option are satisfied. Tony might have different experience or knowledge, but in my experience such contracts are not registered at the Land Registry & - as bm has said - there seems to be no way of confirming whether such a contract exists.
However, if there is a discrepancy between "case evidence" (which I assume is admissible in Court) & witness statements can this not be pointed out to the Court & raised in cross examination if there is a hearing?
However, if there is a discrepancy between "case evidence" (which I assume is admissible in Court) & witness statements can this not be pointed out to the Court & raised in cross examination if there is a hearing?
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