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Torrens Title: Unregistered Interests Under Torrens System

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Torrens Title: Unregistered Interests Under Torrens System Real Property TABLE OF CONTENTS Torrens Title: Unregistered Interests Under Torrens System ................................................................ 3 Characterising unregistered interests .................................................................................................................. 3 The operation of caveats ..................................................................................................................................... 4 The distinction between unregistered legal and equitable interest ..................................................................... 6 Unregistered Leases .................................................................................................................................................. 6 Equitable Leases ........................................................................................................................................................ 6 The rules of priority between competing unregistered interests ......................................................................... 8 Postponing Conduct ............................................................................................................................................ 8 Torres Title I: Indefeasibility and Exceptions ........................................................................................... 10 Essential Features of Torrens Title ................................................................................................................... 10 Indefeasibility of title ........................................................................................................................................ 12 Exceptions to indefeasibility .............................................................................................................................. 14 Short-Term Tenancies ........................................................................................................................................ 16 Chapter 7: Mortgages ............................................................................................................................. 18 Mortgages under Old System Title, the equity of redemption and foreclosure ................................................... 18 NOTE: Foreclosure is where the bank will keep the property, and can sell it until the property goes up. Foreclosure is when the mortgagor exchanges the debt for ownership of the property. They become the owner of the property. ........................................................................................................ 19 STEPS TO FORECLOSE: Page 186 Moore Text ................................................................................... 19 1. Default [Fails to meet obligations of the mortgage] ..................................................................... 19 2. Notice to Remedy default within one month: Section 57 RPA and Section 111 of Conveyancing Act. 19 3. Failure to comply with notice to remedy default. ........................................................................ 19 4. Property conducted auction. ........................................................................................................ 19 5. Highest bid is less than the debt owed. ........................................................................................ 19 6. Application for Foreclosure to registrar general or the Court .................................................... 19 7. Further period given to mortgagor to repay ............................................................................... 19 8. Order for Foreclosure made absolute .......................................................................................... 19 Remedies available to the mortgagee .................................................................................................................. 20 Priorities between mortgagees where there have been further advances ............................................................. 23 If M1 grants future advances M2 will not take priority unless M1 had notice (Hopkinsons v Rolt) .... 23 If M1 has an agreement to provide advances M1 will be able to tack even if there is constructive notice (Re O’Byrne’s Estate) ........................................................................................................................... 23 Under Torrens title you need actual notice (Westpac v Adelaide Bank). ............................................. 23 Under Old System title any notice will suffice even constructive to prevent you from tacking (Credland v Potter). .............................................................................................................................. 23 1 Real Property Also if it is against conscious i.e. if M2 could not recover but for M1’s M3 then you can tack (Matzner v Clyde) ................................................................................................................................................. 23 Chapter 12: Easements and Profits ....................................................................................................... 24 Introduction ...................................................................................................................................................... 24 Easements ......................................................................................................................................................... 24 A .............................................................................................................................................................................. 25 Chapter 9: Easements ........................................................................................................................... 30 Characteristics of an Easement ........................................................................................................................ 30 EASEMENT EXAMPLES + CASES (More examples on page 245) .............................................................................. 30 Characteristics of an Easement .......................................................................................................................... 31 Creating an Easement ........................................................................................................................................ 32 Changing the user of an easement ..................................................................................................................... 35 Extinguishing an Easement ................................................................................................................................. 35 Remedies ........................................................................................................................................................... 36 Covenants .............................................................................................................................................. 37 Chapters 10: Positive Covenants ........................................................................................................................ 37 The Nature of a Positive Covenant ......................................................................................................................... 37 A positive covenant as part of an easement ........................................................................................................... 37 Enforceability of Positive Covenants By successors in title to the original covenantee ........................................ 38 Chapter 11: Restrictive Covenants .......................................................................................................... 39 The Nature of a Restrictive Covenant ................................................................................................................. 39 Schemes of Development .................................................................................................................................. 41 Restrictive Covenants under Torrens Title .......................................................................................................... 41 Extinguishment of restrictive covenants ............................................................................................................. 42 TOPIC: LEASES Chapter 8: Leases ...................................................................................................... 43 The Characteristics of a lease ............................................................................................................................. 43 Covenants in Leases ........................................................................................................................................... 45 Assignment and suBleasing ................................................................................................................................ 46 Termination and Relief Against Forfeiture .......................................................................................................... 49 2 Real Property TOPIC: EASEMENTS CHAPTER 12: EASEMENTS AND PROFITS INTRODUCTION Easements and profits are sets of limited rights that non-occupiers of land holder over land occupied by someone else. They are in the class of subsidiary (less) interests that burden, or restrict, the full use of the land of an owner. EASEMENTS General Easements
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