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37. Effect of registration of transfer

(1) On the registration of a transfer, all the transferor's rights, powers, and privileges in relation to the real property or the interest in the real property vest in the transferee.
(2) On the registration of a transfer, all the transferor's obligations in relation to the real property or the interest in the real property are assumed by the transferee, without, however, unless otherwise expressly provided, releasing the transferor from such obligations.
(3) The foregoing provisions of this section shall not limit the ability of the parties to a transfer to allocate risk and responsibility as between themselves in connection with the transfer.