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Property Law: Formalities Make Lawyers Rich - Essay Example

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Formalities Make Lawyers Rich and the Ill-Informed, Poor Whether formalities do little apart from making lawyers rich and the ill-informed poor or not is subject to a lot of arguments. The side anyone takes in the argument would largely depend on their viewpoint…
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Property Law: Formalities Make Lawyers Rich
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Download file to see previous pages However, it must be emphasised that formalities are not required in every transaction. Formalities take time; the time that is taken would give the parties ample time to decide whether they really want to sign the deal. There have been cases where one of the parties or even both of them did not really take out time to fully consider the pros and the cons of the case before they head into it. In such cases, formalities give them more than enough time to withdraw. For instance, in a case involving lease or sale of landed properties for not less than three years, some of the requirements are evidence of contract in written form as proof ownership or transfer (Law Commission 1985 22). If one of the parties realises that the other is not willing to bring forth or assent to some of the required documents, such a person will become weary, and would be able to withdraw as soon as possible. Conversely, if such a deal has no formalities involved, the authenticity of the deal would be difficult to establish, (that is if it can be established in the first place). On the other hand, even though formalities give parties time to really decide whether they want to finalize the deal or not, for those who were well aware ahead of time that the deal is best for them, formalities only amount to waste of precious time. In A.D. Juilliard v American Woolen, a case in American Woolen (1943) subleases a property that was leased to them by Julliard to a third party without fulfilling the regulations of the original agreement, it is on record that if the defendant had not waited, relying on certain formalities, it is almost sure that they would have lost the case (Law Commission 1985 14). In Granite Properties Limited Partnership v. Manns, a case which is about the driveway of a servient estate that was used by Granite Properties Limited Partnership to offload and by so doing, discomforting the prosecutor, Manns; the defendant (even though the chances of winning are not as high as the chances of losing) may intentionally adopt some formalities that would definitely take time, just to ensure that by the time judgement is pronounced, it will have little or no effect on the business (Law Commission 1985 17). Before any entity would desire to transfer their property, either by selling it or by leasing it out, they would first consider how beneficial it would be to them. Besides the fact that one hands over the care of the property to another entity, one also stands to enjoy economic benefits that accrue from charges. Yet, often times, when a property is only leased out and not sold, the leaser still has keen interest in whatever happens because there is a close connection between land and personality. This is when conflict arises most times. And this is when lawyers come in. Coming from another angle, it is very justifiable to assume that formalities helps to make lawyers richer even as they make a living out of those that are ill-informed. It is important to mention that what makes a lawyer qualified to be so called is the fact that they are knowledgeable about they do. With this knowledge, they make a living for themselves. With this knowledge also, some of them unnecessarily rip money off their clients. For example, as it is well known, trusts can generally be made with any formality, meaning trusts can just be declared without signature, according to LPA 1925 section 53(1)(c). As a result of the ignorance of their clients, some lawyers may invoke Wills Act 1837, which requires that the testator endorses a written ...Download file to see next pagesRead More
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