LAND LAW

Land law

Land law

Mohammed is considering purchasing a large freehold house from David. Mohammed has already sold his family home and is currently living in rented accommodation. He has received a letter from the purchaser of the property informing him of his intention to commerce legal proceedings in respect of certain items that Mohammed has removed from the premises.

One of the major economic advantages of owning property is the possibility of appropriating the profit from its circulation on the market. Although a lot of benefit from ownership may come from property's use rather than from its transfer, the easiest way to know the "objective" value of David property is to know for how much freehold house can sell it. Transfers of property do not happen only by sale. Mohammed can donate an object to someone he loves, or David can bequeath his property to that person after few months. Although these important economic transactions are motivated socially in a very different way from sales, lawyers tend to classify all of them within the common label of transfers of property. Consequently, in most legal systems property law deals with two main categories of transactions related to property: its use and its transfer. While use has to do with the utility that one receives from keeping property (e.g., dwelling in a house, reading a book, etc.), transfer has to do with the utility that one obtains from relinquishing the right to be the owner of a given property, and transferring it, either for profit or for liberality to someone else who hence becomes the new owner. From a property rights perspective, property use can be considered a static activity which in its physiology is completely within the sphere of an individual. The legal system is consequently involved in a merely negative role to make sure that the use is not socially unacceptable (Edgeworth, Rossiter, Stone 2004, 33-48). To the contrary, property transfer is a dynamic transaction that involves the legal system in creating a framework for the market.

Here in this case I would like to advice Mohammed that he should be careful enough to safe his property from any type of damage or loss. because, such type of property matters affect his title to the property. As we all know that through legal system Mohammed can shift or transfer his property in safe hands. From the perspective of the legal system, the reason why property is transferred is less significant than the fact that the transfer has occurred. Whether Mohammed is considering purchasing a large freehold house from David, the legally important fact is that the freehold house now has a new owner. Once a transfer of ownership occurs, most of the social transactions related to that particular property must be conducted with a different person. The property, along with all its positive or negative consequences, belongs to someone else. Mohammed, a new owner is in charge of that freehold house.

Covenants

Covenants which affect land have a close affinity with easements, and ...