“It is well known that on exchange of contracts for the purchase of land, title to the property vests in the buyer in equity, so that the buyer is immediately at risk if there is damage to the property. This can be a trap. If, for example, the property is damaged by fire between exchange and completion, the buyer is bound to complete without reduction in price: Poole v Adams (1864) 10 LT 287.”
Full story (PDF) see p. 2
New Square Chambers, January 2012
Source: www.newsquarechambers.co.uk
