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n.
(in land law) The point at which ownership of land that is the subject of a contract for its sale changes hands. The purchaser hands over any unpaid balance of the price in exchange for the title deeds and a valid conveyance of the land to him if the land is unregistered. If the land is registered, the purchaser receives a simple form of transfer that must be lodged at the appropriate District Land Registry with the land certificate.
Source: Oxford Dictionary of Law
Last modified: 21 September 2007
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