This Act provides rules relative to sale and other transactions concerning land. It also concerns (statutory) mortgages, easements and selected matters regarding leases. The Act requires contracts for sale etc. to be in writing. All conveyances of land or of any interest therein are void for the purpose of conveying or creating a legal estate unless made by deed. The Act specifies covenants that may be included in a deed. Mortgaged land may be leased by mortgagee or mortgagor for agricultural or mining purposes. As for mortgages the Act specifies procedures for execution.
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First colonized by the Spanish, the islands came under British control in the early 19th century. The islands' sugar industry was hurt by the emancipation of the slaves in 1834. Manpower was replaced with the importation of contract laborers from India between 1845 and 1917, which boosted sugar production as well as the cocoa industry. The discovery of oil on Trinidad in 1910 added another important export. Independence was attained in 1962. The country is one of the most prosperous in the Caribbean thanks largely to petroleum and natural gas production and processing.