302. Effect of failure to register.

If the requirement for registration1 is not complied with, the transfer, lease or mortgage is void as regards the transfer, grant or creation of a legal estate2. In the case of a transfer, the legal estate reverts to the transferor who holds it on a bare trust for the transferee3. A lease or mortgage takes effect as a contract made for valuable consideration to grant the lease or mortgage concerned4.

Failure to apply for registration within the registration period may leave a client at risk of being registered subject to interests which would not have otherwise bound the land