Glossary of Terms and Definitions
Common Law Title;
- otherwise known as Old System is the title system inherited from Britain at the time of colonisation.
- It's was a system in which every time a transaction with land took place a deed was used to record it. You need all the deeds to "prove" your title.
- Common Law Title became known as Old System on the introduction of the Torrens Title.
- was a system invented by Robert Torrens of South Australia. In it, a single certificate of title was issued for a parcel of land and all the deeds, now called dealings must be registered on that certificate. If they were the State could guarantee the title.
Estates in Land.
- A full title or "freehold" title which can be inherited
Estate for Life
- A title held for the life of a person
Estate in remainder
- A title held on the death of the life estate
- Lands held for a term of years
A deed or Indenture
- is a document that set out the details of the transaction, deed or act being undertaken. There were two copies and the old deeds had a serrated edge or indenture which when matched up proved they were the same document.
- is an extra agreement between the parties to the deed creating obligations. A common covenent would be a fencing covenent.
- All deeds have four basic covenents
- a good right to convey,
- that the lands could be quietly enjoyed,
- that the title was free of encumbrances,
- and the seller undertook to execute any further assurances needed. (1)
They are now set out in Section 78 Conveyancing Act 1919 NSW
- is the buyer
- is the seller
Good Root of title
- is a conveyance of the fee simple or a 1st mortgage by way of conveyance of the fee simple which:
- Is at least 30 years old
- Deals with the whole of the legal and equitable estate
- Contains a description which clearly defines the land (the metes and bounds being the bearings and distance)
- Requires no extrinsic evidence to justify it (e.g. Does not rely on the deed description in other deed or instrument)
- Is for valuable consideration (real money was exchanged)
- Contains nothing to cast any doubt on the title of the disposing party (the vendor) (2)
(Legal estate, being the documentary title; equitable estate, being the rights of inheritance or trust)