Between the time a contract for the sale of real estate is signed and the period during which the deed is actually delivered to the purchaser, the property is suspended. On the one hand, the buyer has the contractual right to keep the property. On the other hand, the seller still has the property and the current enjoyment of the property. During this period, ownership of the property must be divided between fair property and legal property. The Fraud Act stipulates that a transfer contract for a portion of the land must be concluded in writing and signed by the party against whom the contract is executed. Otherwise, the treaty is not applicable. Since real estate transfers fall under the General Fraud Act (unlike the U.C.C Fraud Act), the contract must contain all the essential conditions for the contract to be enforceable. The essential conditions of any property transfer contract include the identification of the transferor, the identification of the assignor, a description of the property and the terms of transfer, including the price, if you agree. Unless expressly agreed otherwise, any land sale contract contains a tacit undertaking that the seller entrusts the buyer with a “marketable” property. The marketable security is a security free of litigation and/or doubt to the extent that a reasonable buyer would accept it. A seller who did not provide a marketable security under a contract explicitly or tacitly claiming a marketable security breached the contract.
In this case, the buyer may refuse to pay the purchase price of this land and sue the seller for any other damage caused to the buyer by the violation. The second option available to the buyer is to require some performance of the contract. Although the courts generally do not require the parties to effectively honour their contract (monetary damage is the preferred remedy in the event of a breach of contract), the country is an exception. Given that each land is considered unique to any other land, the Common Law considers that the monetary damage is insufficient to compensate an aggrieved buyer.