what in legal terminology what is the nature of the following interests? What are they called?

what in legal terminology what is the nature of the following interests? What are they called?

Question 3 Briefly, what in legal terminology what is the nature of the following interests? What are they called?

i) Nola was having real problems selling her home in a small Australian rural hamlet. After two years she received a promising offer from Mike and agreed to sell. Mike paid a 10% deposit when the contract was made. Nola rented an apartment in Belconnen, close to UC where she had enrolled in further studies, and moved in for the start of the academic year. As her home was vacant, Mike asked if he could move in before settlement of the purchase. Nola’s real estate agent advised her that this would cement the sale and to agree, so she did. After Mike moved in he requested a 30 day extension of the settlement date because he was having trouble raising the finance. The real estate agent pointed out that there was no one else in the market and Nola agreed. Mike later explained that he had raised only an additional 70% of the purchase price and wondered if she would be prepared to settle the transaction on the basis of his written promise to pay the remaining 20% before Christmas. With great reluctance Nola eventually agreed to that as well. The sale was settled and Mike was registered as the legal fee simple proprietor of the land. Does Nola have a proprietary interest in the land? If so, briefly describe its nature and what the interest is called? (2 Marks) and ii) Ben owns an apartment in the centre of the city, conveniently close to shops, cafés and public transport. His cousin Melinda fell in love with the apartment at first sight, with its lovely views and her office is in a building just a short walk away across the park. Ben agrees that for $20,000 to be paid when he signs the agreement, if in the next five years he decides to sell his apartment he will offer it first to Melinda for $750,000. Ben will retain possession of the apartment until any sale is completed. Does Melinda have a proprietary interest in Ben’s apartment? If so, briefly describe its nature and what the interest is called. (2 Marks) and iii) Dennis has a magnificent view of the Murrumbidgee Valley from the lounge room of his home. Anne purchases the property immediately downhill from Dennis’ property. Dennis immediately recognises that his view could be lost if Anne builds a very large home on the land. Dennis offers her $250,000 not to construct a building higher than 10 metres and Anne agrees. Anne signs a deed, also on behalf of her heirs and assigns of her land in favour of Dennis and his heirs and assigns of his land, in consideration of the promised $250,000 never to construct a building on her land that is higher than 10 metres. Does Dennis have a proprietary interest in Anne’s land? If so, briefly describe its nature and what the interest is called. (2 Marks) and iv) Robert installed an enclosed wood heater in the lounge room of his home, which he owned. The heater was set on a concrete block, to which it was bolted. The surface of the block was attractively tiled up to the steel base of the heater. A copper flue and steel tubular chimney rose from the heater, through the ceiling and roof. On top of the chimney was fitted a very sophisticated particulate pollution filter. The heater also has an enclosed fan structure, connected by electrical cables to a switch. Robert later sold his home. He liked the heater so much he decided to take it with him, so removed it, roughly repairing the holes in the ceiling and roof. The purchaser is furious, claiming angrily that he was entitled to the heater. Robert points out that the heater was not mentioned in the contract for sale of the home. Did the purchaser acquire a proprietary interest in the heater? If so, briefly explain.