(1) For the purposes of determining whether a person has notice of a prior interest in land under this Act, the interest taken by the person under a dealing that—
(a) is registrable under this Act; or
(b) will, when signed by or on behalf of the person, be registrable under this Act;
shall, before registration of that dealing, be deemed to be a legal estate.
(2) No person contracting or dealing in respect of an interest in land under this Act shall be affected by notice of any instrument, fact, or thing merely by omission to search in a register not kept under this Act.