Purchase money lying unproductive insufficient to entitle purchaser to receive rents accrued previous to quarter day.] -Neither will a purchaser be entitled to the rents for a period beyond the quarter day preceding the payment of his money, merely because he has had his money lying unproductive in his banker's hands: (Howland v. Norris, 1 Cox, 59; Powell v. Martyr, 8 Ves. 146; Barker v. Harper, Geo. Cooper, 32.)

Purchaser only entitled to profits actually belonging to the quarter.]--Neither will a purchaser be entitled to any profits not really belonging to the quarter; hence the purchaser of a manor is not allowed to receive any fines payable on account of the death of copyholders before the quarter, although the admissions do not take place until afterwards: (Garrick v. Lord Camden, 2 Cox, 231.)

When mortgagee purchases equity of redemption.]-When a mortgagee purchases the equity of redemption of his mortgagor, and his principal and interest calculated up to the last quarter day exceed the purchase money, the mortgagee will be let into possession as from the preceding quarter day.

Annuity.]-When the subject-matter of purchase is a life annuity, the purchaser will be entitled to receive it from the time he could have confirmed the report absolutely, and he pays interest on his purchase money from that time: (Twigg v. Fifield, 13 Ves. 517; Vesey v. Elwood, 1 Flan. & Kel. 667; 3 Dru. & War. 75.)

Course of proceeding where purchaser neglects to pay money in due time.]-If the purchaser neglects to pay in the purchase money in due time, the plaintiff may apply for an order that such payment shall be made within some specified time, together with the costs of the application, which will be ordered accordingly. Still, such an order cannot be obtained until either the purchaser has accepted the title, or upon a reference it has been reported that a good title can be made: (Rutter v. Marriott, 10 Beav. 33.) The order having been drawn up, a copy duly indorsed, as in the case of a decree, must be served personally upon the purchaser, and if he neglects to comply therewith, it may be enforced in the usual way: (Ayck. 436, 6th edit.

If purchase money be not paid, and purchaser does not appear to have the means of paying it, vendor may rescind

contract.]-When the purchaser fails to pay in the purchase money, and it appears that he has not the means of doing so, the vendor, instead of proceeding to enforce a specific performance of the contract, may apply to the court to have the purchaser discharged from his bidding, and that the estate may be resold (Hodder v. Ruffin, 1 Ves. & Bea. 544), in which case the purchaser will be ordered to pay not only the expenses arising from the non-completion of the purchase, but also of the application, and the resale, and the deficiency in price, if any such should be incurred upon such second sale (Harding v. Harding, 4 M. & C. 514; Gray v. Gray, 1 Beav. 199); but the vendor will be entitled to retain any increase of price that may be gained thereby.

Vendor entitled to hold purchaser to his contract.—But a vendor may, if he pleases, hold the purchaser to his contract, and the court, on his application, will make an order that he shall, within a given time, pay in his money, or stand committed: (Lansdown v. Elderton, 14 Ves. 512.)

Purchaser entering into possession bound to pay in the purchase money.]—If the purchaser enters into possession, even with the consent of the vendors, the court will compel him to pay in his money immediately; for the court only can give this permission; and if he obtains possession without the vendor's consent, or by any other improper means, he will not only be compelled to pay in the purchase money immediately, but also to take the title as he found it: (Wilding v. Andrews, 1 C. Coop. 380.)

3. Substitution of Purchaser.

Purchaser cannot substitute another in his place without the leave of the court.]-It sometimes happens that a purchaser at a sale under a decree is desirous of being discharged from his contract, and of substituting some other purchaser in his place. This he cannot do without the leave of the court, which will only be granted upon the terms of the sub-purchaser paying in his purchase money, accompanied by an affidavit that there has been no under bargain: (Kirby v. Macnamara, 6 Ves. 515; Dale v. Davenport, ib. 615.)

How the order may be obtained.]-An order for the above purpose may be obtained on application at chambers, but the court must be satisfied, as before mentioned, by affidavit, [P. C.]

R

that there has been no under bargain; otherwise the original purchaser might undersell to the sub-purchaser, who may give him a sum of money to be substituted in his place, and thus deceive the court: (Ib. id.; Ayck. 439, 5th edit; and see also 2 Mad. Pract. 2nd edit.)

CHAPTER IV.

OF THE CONVEYANCE TO THE PURCHASER.

I. OF THE VARIOUS MODES OF ASSURANCE BY WHICH REAL PROPERTY MAY BE CONVEYED TO A PURCHASER.

1. As to freehold property.

2. As to disentailing assurances.

3. As to leasehold estates.

4. As to copyhold or customary estates.

II. PRACTICAL DIRECTIONS FOR PREPARING A CONVEYANCE OF FREEHOLD PROPERTY.

1. As to the instrument of conveyance.

2. Parties.

3. Recitals.

4. Testatum and granting clause,

5. Parcels and general words.

6. Exceptions.

7. Of the habendum clause.

8. Limitation of uses.

9. Covenants.

10. Examination of deed with draft.

11. Of the execution and attestation.

12. Payment of the purchase money.

III. ASSURANCES OF COPYHOLD AND CUSTOMARY ESTATES.

IV. ASSIGNMENT OF LEASEHOLDS.

V. WHERE PROPERTY OF DIFFERENT TENURES IS CONTAINED IN THE SAME PURCHASE DEED.

VI. HOW THE DEED SHOULD BE PREPARED WHEN IT IS DESIGNED TO OPERATE BOTH AS A PURCHASE DEED OR A MORTGAGE.

VII. DISENTAILING ASSURANCES.

1. As to freehold estates.

2. As to copyholds.

VIII. AS TO THE PREPARATION OF THE CONVEYANCE WHERE THE SALE IS MADE UNDER A DECREE.

I. OF THE VARIOUS MODES OF ASSURANCE BY WHICH REAL PROPERTY MAY BE CONVEYED TO A PURCHASER.

1. As to freehold property.

2. As to disentailing assurances.
3. As to leasehold estates.

4. As to copyhold or customary estates.

1. As to Freehold Property.

When title is approved of, purchaser's solicitor should prepare purchase deed.]-When the title is approved of, and every doubt and difficulty cleared up, the next course of proceeding is the preparation of the purchase deed, and such other assurances as may be necessary for completing the purchase.

Purchaser's solicitor entitled to prepare conveyance in the absence of some stipulation to the contrary.]—The preparation of the purchase deed devolves upon the purchaser's solicitor unless an express stipulation to the contrary is inserted, either in the contract or conditions of sale, or where members of the profession in certain localities have mutually agreed to adopt some different course of practice.

By whom the costs of preparing the purchase deed are to be defrayed.]-The whole of the costs of preparing the purchase deed are to be defrayed by the purchaser, except where its length is considerably increased by outstanding estates which have to be gotten in, or by incumbrances it is necessary to discharge being included in it, in either of which latter cases the extra expense ought to be borne by the vendor.

Practice as to preparation of deeds by counsel.]—In London, most of the large solicitor's offices have all their purchase deeds prepared by counsel; but in the country a very different practice prevails, as there, very few offices have the whole of their drafts prepared by counsel, whilst the greater number, unless in purchases of large amount, or in cases of extreme difficulty, never employ counsel in this or in any other matter connected with the transaction.

How draft is usually prepared.]-The draft is first written out roughly on both sides, and being looked through and settled, is fairly copied on one side only.