Ms, for PYQ Dec 2014 Q3(a)(i)
1. Does the second point and 7th point being repeated for the same point?
2. For the last point, as the company purchase the land, the title deed will be possible to transfer to another Co/person?
Thank you.
Ask the Tutor ACCA AAA
Faster Jets Co
6y ago#11. Second point is future (planned) use - 7th point is current (actual) use .
2. Title deeds in the UK, for example, are evidence of property ownership and have to be registered (with the land registry). It's not possible to sell/transfer property to another person without the deeds. In the UK, rather than inspect the deeds (though they could be inspected if the company held them) the bank might confirm that they hold them (e.g. as security for a mortgage) or solicitors might hold them (for safe custody) - and its also possible to obtain information from the land registry.
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