Instruments executed in the form provided by the "Transfer of Land Statute" (No. 301) are not previous to registration void of all effect except as to conveying, passing, or conferring estates or interests and rights in land. They may, before registration, have effect as contracts between the parties to them, or operate as securities springing from the contract from the date of signing; and acts done by the parties under and in accordance with the contracts, before registration, may, as between the parties, be valid and effectual.