In your own words, give a brief explanation of the following legislation applying to real estate. Equity Law
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Equity law in Australia refers to a body of legal principles that complement and, in some cases, override common law. It originated from the English legal system and is designed to address situations where strict application of common law would result in unfairness or injustice. In the context of real estate, equity law plays a crucial role in matters such as property rights, trusts, and the enforcement of equitable interests.
For example, equity law can provide remedies like specific performance, which compels a party to fulfill their contractual obligations, particularly in real estate transactions where unique properties are involved. It also addresses issues like equitable mortgages, where a lender may have a claim on a property even if formal mortgage documents are not in place. Overall, equity law aims to ensure fairness and justice in real estate dealings, protecting the rights of parties