Vendor not entitled to demand payment against the execution of a registered transfer.

(b) It is submitted that the case is not parallel to that of the conveyance of land in a register county; see above, pp. 373, n. [x), 645, 646.

(c) It is submitted that the execution of an instrument of transfer is a mere step in the execution of the statutory power; and that, applying the ordinary rules with regard to the construction of instruments, which may operate either as an execution of a power or as a grant of an estate (see above, p. 471, n. {a)), an instrument of transfer in Form No. 20 in the First Schedule to the Land Transfer Rules, 1903, merely exhibits an intention to execute the statutory power, and does not show any intention of granting the transferor's estate; unless words indicative of an intention to grant the estate be added thereto. The fact that the form in question contains no words of inheritance is thought to confirm this view. If words of inheritance alone should be added to the form, the question would be raised whether this showed an intention to grant the estate: but these words would hardly be conclusive. Where it is desired to include a conveyance of the transferor's estate in a registered transfer, express words of grant should be added, as well as the appropriate words of in- . heritance.

First, the purchase may be completed at the Office of Land Registry, the purchaser ascertaining there that no entries or applications adverse to his interest have been made up to the last moment, and paying his purchase money when the draft entries to be made in the register have been approved by the proper officer and the necessary documents are handed over to the clerk in charge of the Application Book (d). If this be done, it appears that his registration as proprietor, when completed, will relate back to the time of handing over the documents, that is, the time of payment (c). Secondly, the vendor may obtain a priority notice in favour of the transfer to the purchaser; in which case it appears that the purchaser may safely pay his purchase money, away from the Land Registry, against delivery to him of an instrument of transfer duly executed by the vendor and all other necessary parties, if any, and of the land certificate endorsed with the priority notice, provided that fourteen days from the lodging of the notice have not expired. In such case it appears that the registration, when completed, will relate back to the time of lodging the notice (f). Thirdly, where the land sold was part only of that comprised in the vendor's title, the vendor and purchaser together may obtain provisional registration of the purchaser as proprietor of the land; when the purchaser may, it seems, safely pay the price on delivery to him of the land certificate made out in his name, provided that twenty-one days from the date thereof have not expired. If he obtain this, he can procure his own registration to be immediately completed, when it will relate back to the time of the application for provisional registration (g). Fourthly, the transfer may be registered (not provisionally) and the purchase money not paid over to the vendor until the land certificate made out in the purchaser's name has been issued.

Completion at the Office of Land Registry.

Priority notice.

Provisional registration.

(d) See Brickdale & Sheldon's Land Transfer Acts, 402, 2nd ed.

(c) Above, p. 1075. (f) See above, p. 1076.

Complete registration before payment.

Now the last of these methods of completion is obviously that most favourable to the purchaser; for he would not part with his purchase money until after the legal estate had been vested in him by the complete execution of the statutory power, and it had been ascertained that no objection to the registration of his transfer could be lodged by any person to whom notice of his application is required to be sent (h). But such registration would irrevocably vest the purchased estate in the buyer before the land certificate in his name was issued (h); and it appears that, in the ordinary course of procedure, the land certificate would be issued to the purchaser. It is thought that he has no right to require this to be done before payment (k). It seems, therefore, that this method of completion cannot be that contemplated by an open contract (l). Nor can it be implied in such a contract that the purchaser shall, on the execution or on delivery for registration of the instrument of transfer, deposit the purchase money with a stakeholder, to be paid over to the vendor on the issue to the purchaser of the land certificate made out in his name (m).

As to requiring complete registration before payment.

(g) Above, p. 1076.

(h) See above, p. 1075.

(k) Above, pp. 509, 510.

(l) It is thought that the purchaser has no right to claim to complete in this manner, merely because of the notices required to be sent out of his application for registration and of the time given for lodging objections thereunder; above, p. 1075. As to notice to the transferor, that appears to be simply a precaution against forgery; and the risk of forgery is run on the completion of every sale of land. As to the notices, on the purchase from a mortgagee or chargee, to the persons entitled to redeem, the purchaser must of course ascertain that all these persons will be bound by the sale before he accepts the title; and having accepted it, he appears to be bound to complete, notwithstanding these notices.

(m) See above, pp. 22, 509. This course may be adopted by express stipulation where the purchase is by private contract. It is that which affords the greatest security to the purchaser, particularly where he is buying from a chargee under an exercise of the chargee's power of sale; as the purchase money is not handed over to the vendor until it has been finally ascertained that no person to whom notice is required to be sent can raise any objection to the purchaser's registration as proprietor of the land sold.