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— per cent.
I. Sale of Freeholds.
money to the purchaser, after the rate of £per annum, until completion of the purchase.
10. If the purchaser shall neglect or fail to comply with On default of the above stipulations, the vendor shall be at liberty to rescind comply with the present sale, and resell the property, either by public vendor may
, auction or private contract, at such time and place, and sub- rescind and
resell(i). ject to such conditions as the vendor shall think fit, and the deficiency of price, if any, which shall happen on such resale, and on the expenses of and incident to the present sale and resale, shall immediately after the same respectively be made good and be paid to the vendor by the present purchaser, and in case of nonpayment the whole or such part of such deficiency as shall not be paid shall be recoverable by the vendor as liquidated damages. As Witness the hands of the parties to these presents. Witness to the signing of the above- [sig. of vendor.] named (vendor] and [purchaser]
[signature of uitness.] ) [sig. of purchaser.]
applies to every delay, except delay caused by wilful obstruction or misconduct of the vendor. See Dart, V. & P. 636, and the cases there cited. And see post, tit. CONDITIONS OF SALE.
(i) Where there was a stipulation on a sale that on the purchaser's neglect or failure to comply with the conditions, the vendor might resell, and the deposit which had been paid by the purchaser should be forfeited, and that any deficiency in the price on the resale should be made good, it was held that the vendor might retain the deposit, and also recover the expenses of the abortive sale, and the costs of preparing to complete the same, without putting the property up again for sale : Daniel v. Esser, L. R., 10 C. P. 538.
II.-AGREEMENT by MORTGAGEES for the SALE
of COPYHOLDS (in a Register County), SPECIAL
STIPULATIOns as to COMMENCEMENT of TITLE, 8c.
1. AN AGREEMENT made the
(who are hereinafter referred to as the vendors) of the one part,
that is to say :-
(part whereof, that is to say, £
agreement, and the residue whereof, that is to say, £
and those the copyhold messuage or farm-house, and the
in the county of formerly in the occupation
and of right accustomed.
days from the date abstract.
hereof deliver to the solicitor of the purchaser an abstract of Commence- their title to the premises, such title to commence with a ment of title. surrender of the premises and an admittance thereto of
(surrenderce] in the year 18—; the earlier title, whether the
(a) The statutory provision in the Conveyancing, &c. Act, 1881, sect. 3 (for which ride ante, p. 53), precluding requisitions and objections to title prior to the commencement named in the contract for sale, does not seem to preclude the purchaser from raising objections founded on grounds outside the contents of the abstract.
3. The purchaser shall within days after delivery II. Sale of
Copyholds. of the abstract in writing, make and send to the solicitor of the vendors his objections and requisitions (if any) to the Objections title, and shall also within days after the delivery tions. of the vendors' replies to the purchaser's objections and requisitions (if any) in writing, make and send to the solicitor of the vendors his further objections and requisitions (if any) arising out of the vendors' replies: and every objection or requisition, or further objection or further requisition, not so made and sent shall be deemed to have been waived, and for this purpose time shall be of the essence of the contract. The purchaser shall not make any objection or requisition on the ground of the non-registration of any deed or other document.
4. [Vendors may rescind if requisitions insisted on, ante,
5. In addition to all expenses by law made payable by a Expenses of purchaser (b), the purchaser shall bear all expenses of and of deeds, &c., incidental to making, procuring, verifying, furnishing, pro- Wb
vendors' ducing, and examining all attested, stamped, office, or other session or not, copies and abstracts of and extracts from Acts of Parliament, to be borne by
purchaser. inclosure, awards, records, proceedings of Courts, Court rolls, deeds, wills, probates, letters of administration, and other documents, whether in the vendors' possession or not, and which he may require respectively for whatever purpose the same may be required respectively, and of and incidental to all inquiries, searches, and journeys, incident to any of the
6. The admeasurements and descriptions of the property, Errors in as given in the said schedule, are believed and shall be not to annul assumed to be correct; but if any mis-statement, error, or sale, nor en.
title parties omission shall be found in such admeasurements or descrip- to compensa
(6) See Conveyancing and Law of Property Act, 1881 (44 & 45 Vict. c. 41), sect. 3 (6), stated ante, p. 158.
(c) This condition can only be relied upon by a vendor seeking to enforce specific performance, as applying to small errors, and will not cover a material deficiency so as to disentitle a purchaser from compensation : Whittemore v. Whittemore, L. R., & Eq. 603. As to what amounts to material error in description, and as to compensation for such, see Nicoll v. Chambers, 11 C. B. 996 ; Freer v. Hesse, 17 Jur. 177; Lethbridge v. Kirkman, 2 Jur., N. S. 372; Cordingley v. Cheeseborough, 8 Jur., N. S. 585 ; McQueen v. Farquhar, 11 Ves. 467; Perkins v. Ede, 16 Beav. 193; Barnes v.
II. Sale of tions, the same shall not annul the sale, nor shall any comCopyholds.
pensation be allowed, either to the vendor or purchaser in
respect thereof. Completion 7. The purchaser shall on the day of —, 18—, of purchase.
pay the balance of the purchase-money at the office of the solicitors of the vendors at their office at
and the purchase shall then and there be completed. [Preparation
and execution of conveyance, &c., ante, p. 405.] Vendors only 8. The vendors are selling as mortgagees under their to give statutory covenant statutory powers of sale, and accordingly shall be required to against in
give only the statutory covenant against incumbrances deemed cumbrances.
to be included and implied by reason of their conveying and being expressed to convey as mortgagees.
9. [Receipt of rents and discharge of outgoings, ante, p. 406.]
10. [If purchase not completed on day appointed purchaser to pay interest, ante, p. 406.]
11. [If the purchaser shall neglect or fail to comply with the above stipulations the deposit money shall be absolutely forfeited to the vendors, and vendors may rescind and resell, ante, p. 407.] AS WITNESS,
Wood, L. R., 8 Eq. 424; Castle v. Wilkinson, L. R., 5 Ch. 534; Hooper v. Smart, L. R., 18 Eq. 683; Powell v. Elliott, L. R., 10 Ch. 424; Barker v. Cox, 4 Ch. D. 464; Horrocks v. Rigby, 9 Ch. D. 180; for an examination of the question of compensation, see post, tit. CONDITIONS OF SALE.
III.-CONTRACT by a Tenant for Life under the
Settled Land Act, 1882, for the SALE of the prin-
(a) The main purpose of the Settled Land Act, 1882, is to Contracts for enable tenants for life (including in that term limited owners sale by generally, vidle infra) to dispose by sale, lease, or otherwise, of tenants for
life under the the whole or any part of the settled land, provision being made
Settled Land for securing the purchase-money on a sale, and otherwise pro- Act, 1882. tecting the interests of persons entitled in remainder. The Act came into operation on the 1st of January, 1883, and does not extend to Scotland. The Act will be set out, and its provisions will be fully considered, in a later volume of this Work, sub. tit. SETTLEMENTS, but it will be convenient to make here a few observations on the subject of contracts by limited owners for sale of the Settled Lands, &c., under the powers conferred by that Act. The Act defines as follows the terms : “settlement," Definitions. “settled land," "tenant for life," and “trustees :'
“(1) Any deed, will, agreement for a settlement, or other “Settleagreement, covenant to surrender, copy of court roll, Act of ment.” Parliament, or other instrument, or any number of instruments, whether made or passed before or after, or partly before and partly after, the commencement of this Act, under or by virtue of which instrument or instruments any land, or any estate or interest in land, stands for the time being limited to or in trust for any persons by way of succession, creates or is for purposes of this Act a settlement."
" (3) Land, and any estate or interest therein, which is the “Settled subject of a settlement, is for the purposes of this Act settled land." land."
(5) The person who is for the time being, under a settle- " Tenant for ment, beneficially entitled to possession of settled land for his life.” life, is for the purposes of this Act the tenant for life of that land, and the tenant for life under that settlement."
“(6) If in any case there are two or more persons so entitled as tenants in common, or as joint tenants, or for other concurrent estates or interests, they together constitute the tenant for life for purposes of this Act.”
"(7) A person being tenant for life within the foregoing definitions shall be deemed to be such notwithstanding that under the settlement or otherwise the settled land, or his estate or interest therein, is incumbered or charged in any manner or to any extent."