Priority
Overview:
To make predictable the situation of the buyer or mortgagee, it’s needed to know which criterion of priority each LR systems keeps and the effects of presenting a deed before or later than other which is incompatible.
It’s also relevant to know by advance if the priority allocated to a deed is provisional or definitive, or the means or proceedings to make final the priority of the deeds or the real rights stemming from them, and up to which point priority of the deed is kept in case that Land Register rejects the registration.
1. Criteria for setting priority. How is priority established? Is priority guaranteed by the fact of presenting firstly a document against other document that is potentially incompatible?
In case of reservation of priority, does it cause the legal effect of preventing from registering or recording any other document o reservation related to the same property? (This question is for LR systems with any type of reservation of priority).
2. Are there any possibilities of that a document presented later may go ahead or prevail in priority rather than other documents or deeds presented earlier?
3. Let’s suppose a document presented firstly that consequently holds priority but is affected by defects or lack of legal requirements. How long would it keep priority against other document presented later?
