Abstract:
There are various interests in land. They are classified into equitable and legal interests. Legal interests are
the registered interests while equitable interests are not registered.Equitable interests: an equitable interest
may be formally created by written agreement of the parties or by operation of law where of parties enter
into a specifically enforceable contract to convey or create a legal interest.In LYSAGHT V EDWARDS
(1876) 2 CH D 499 the court held that, the movement you have a valid contract for sale, the vendor
becomes in equity trustee for the purchaser of the estate sold and the beneficial ownership passes to the
purchaser, the vendor having a right to the purchase-money, a charge or lien on the estate for the security
of the purchase money and the right to return possession of the estate until the purchase money is paid, in
the absence of express contract as to the time of delivering passion.
