limited title guarantee

limited title guarantee
One of the two key phrases used to imply covenants for title under the Law of Property (Miscellaneous Provisions) Act 1994 in an "instrument effecting or purporting to effect a disposition of property" (section 1(1)). The other key phrase is full title guarantee. Limited title guarantee implies that:
• The disposing party has the right to dispose of the property (section 2(1)(a)).
• The disposing party will do all it reasonably can to give the title it purports to give, at its own cost (section 2(1)(b) and (2)).
• If the property being disposed of is registered, there is a presumption that the whole of the property in the registered title is being disposed of (section 2(3)).
• If the property being disposed of is not registered, there is a presumption that the interest being disposed of is the freehold. If it is clear that the interest is leasehold, it is presumed that the interest is the unexpired residue of the term of the lease (section 2(3)).
• The person disposing has not, and as far as it is aware no one else has, since the last disposition of the property for value, charged or encumbered the property or granted any third party rights over it which still subsist (section 3(1)).
• Where the full title guarantee covenant is used in respect of the sale of leasehold property, additional personal covenants are implied: that the lease is subsisting and the seller has complied with its terms.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • full title guarantee — One of the two key phrases used to imply covenants for title under the Law of Property (Miscellaneous Provisions) Act 1994 in an instrument effecting or purporting to effect a disposition of property ({{}}section 1(1)). The other key phrase is… …   Law dictionary

  • Company limited by guarantee — In British or Irish company law, a company limited by guarantee is an alternative type of corporation used primarily for non profit organisations that require legal personality. A guarantee company does not usually have a share capital, but… …   Wikipedia

  • Title search — A title search is a process that is performed to determine the answers to two questions. *Does the seller have a saleable interest in the property? *Do any liens exist on the property which need to be paid off at closing (mortgages, back taxes,… …   Wikipedia

  • Title 2 of the Swiss Federal Constitution — of 18 April 1999, entitled Fundamental Rights, Civil Rights and Social Goals , contains a comprehensive and directly enforceable bill of rights, as well as a set of social goals which the state authorities are to pay heed to. A few rights,… …   Wikipedia

  • covenants for title — Covenants by the owner of property being disposed of, which relate to the title of that property, for the benefit of the new owner. Covenants for title are implied under the Law of Property (Miscellaneous Provisions) Act 1994, by using the key… …   Law dictionary

  • Title of Nobility Clause — United States of America This article is part of the series: United States Constitution Original text of the Constitution Preamble Articles of the Constitution I · …   Wikipedia

  • Chapter 7, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Aboriginal title in New Mexico — The status of aboriginal title in New Mexico is unique among aboriginal title in the United States. Despite explicit Congressional legislation, early decisions of the Supreme Court of the New Mexico Territory and the U.S. Supreme Court held that… …   Wikipedia

  • beneficial owner covenants — covenants for title implied into conveyances of freehold or leasehold property for valuable consideration by section 76 of the Law of Property Act 1925. They have been superseded by the statutory personal covenants under the Law of Property… …   Law dictionary

  • Types of business entity — Companies law Company  …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”