Fundamentals of Property Law Assignment Example | Topics and Well Written Essays - 1500 words

Fundamentals of Property Law - Assignment Example It is evidently clear from the discussion that the expression 'the fee simple of the land' naturally means the fee simple as the highest estate unencumbered and subject to no conditions. Because the discharge of the mortgage was forged by Brown, the property naturally has some encumbrances. The deal has fallen through basically because of the whole debacle with Brown, who was hired by Hollis. In order for Lowe to acquire the property, everything must be resolved regarding the discharge of the mortgage. As it stands, just because Hollis possessed the land did not necessarily mean that he had total ownership. â€Å"Under the existing law of real property, the mere possession of land did not prove ownership conclusively.† As such, it must be noted that a fee simple is the closest thing to absolute ownership in Australia that one can have, however it does not mean that one necessarily completely owns the property. This may be difficult to understand, but basically, it is a guarant or that someone cannot just blatantly take over someone else’s property if there are encumbrances upon the piece of land being sold, similar to liens in other countries. Advise on the interest that Phil has in Savacre. Would it make any difference to your answer if Phil’s lease was only for a period of one year?   Phil has several options here. For starters, he may decide to sue Lowe for having acted upon his intention to demolish the property before Phil’s lease was up. Another issue to consider is the fact that Hollis may be getting a capital loss from the property. â€Å"[T]he owner of a building could grant a rent-free lease over the building to an associate and possibly crystallize a capital loss if it then sold the encumbered property to a third party at its reduced market value.†