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Legal Terms- contractual exchange
The moment a land buyer swaps a signed copy of the sale contract for an identical copy signed by the seller. At that juncture, the contract becomes legally binding for both parties, and the purchaser obtains an equitable interest in the land. He will not have the legal estate until completion and registration.
The moment a land buyer swaps a signed copy of the sale contract for an identical copy signed by the seller. At that juncture, the contract becomes legally binding for both parties, and the purchaser obtains an equitable interest in the land. He will not have the legal estate until completion and registration.
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