Instrument Purporting to Transfer, Lease, or

Encumber Registered Land: Effect of Filing. A deed, mortgage, lease, or other instrument purporting to convey, transfer, mortgage, lease, charge, or otherwise deal with the registered land, or any estate or interest therein, or charge upon the same, other than a will or a lease not exceeding one

(1)year where the land is in the actual possession of the lessee or his assigns, shall take effect only by way of contract between the parties thereto, and as authority to register the transfer, mortgage, lease, charge, or other dealing upon compliance with the terms of this Law. On the filing of such instrument, the land, estate, interest, or charge shall become transferred, mortgaged, leased, charged, or dealt with according to the purport and terms of the deed, mortgage, lease, or other instrument. The registrar will immediately, upon the filing of such instrument, stamp or write upon the original and duplicate certificates of title the word transferred, mortgaged, leased, or otherwise, as the case may require with the date of filing such instrument and sign such endorsement.