Where a transaction is to be completed by transfer, and the transaction is completed without previously having been ‘substantially performed’ (see ¶301-430), the contract and the transaction effected on completion (for example, the transfer) are deemed to be parts of a single land transaction. Such a rule is necessary because without it there would be two land transactions: the contract, which vests a partial equitable interest in the land, and the transfer, which completes the contract and vests the entire legal and beneficial interest in the buyer. The effective date of the transaction is taken to be the date of completion (s. 10(3)).

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