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The Provision Of Sale And Other Instruments Act 1955 ( Qld )

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Deeds are most commonly used in connection with the transfer of land or the creation of a trust, although they may also be used to transfer goods by way of gift.

A deed must be made in writing, signed and sealed by the donor (and usually contains the words ‘signed, sealed and delivered’ as evidence that this requirement has been satisfied) and delivered to the donee. A bill of sale is another way of selling goods and can be used to create a security right in goods. The execution of a bill of sale causes legal ownership of the goods to pass to the buyer.

Most jurisdictions require the registration of bills of sale and other security documents creating security rights to goods or property (see relevant provisions of the Bills of Sale and …show more content…

The Sale of Goods Act 1896 (Qld) provides certain rules for the passing of ownership in goods: ● parties are not required to undergo formalities in order to make a valid contract for the sale of goods; ● the goods subject to the contract must be identified or described when the contract is made; and ● the title to the property in the goods passes from buyer to seller when the parties intend it to, which may be ascertained from the terms of the contract, conduct of the parties and circumstances of the transaction.

The legislation also provides several rules for ascertaining the parties’ intentions in the absence of evidence to the contrary. So, for example, if there is an unconditional contract for the sale of specific goods in a deliverable state, property passes when the contract is made, even if payment or delivery is postponed. In addition, if the seller must do something to put the goods into a deliverable state, property will pass when that has taken place and notice has been given to the buyer. However, the statutory rules are only intended to apply to matters which have been left unspecified by the parties and so will only apply if the parties have not made alternative arrangements.

interests As is the case with legal property interests, the steps which must be taken to create or transfer an equitable property interest will depend on the nature of the right and the nature of the property

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