The contract should also include the conditions that explain the terms of the sale. The following article explains the different provisions in the SC and SCPC.
Most conditions that are needed in a contract of sale are similar and hence standard sets of conditions which were drafted by experts are incorporated in the contract. There are two such sets of standard conditions; the Standard Conditions of Sale, Fifth Edition (SC) and the Standard Commercial Property Conditions, Second Edition (SCPC). While a conveyancer may have seen a wide variety of property contracts, almost all of them fall into either one of these sets of categories.
The printed form of contract purchased from stationers
Conveyancing solicitors can purchase either a hard-copy or an electronic copy of these standard pre-printed conditions, and fill in the blanks with the relevant details pertinent to the transaction. While SC is used for low value properties and residential properties, SCPC is used for commercial and high value properties, or when the property is subject to occupational leases.
The firm’s precedent contract
It is common for conveyancing solicitors to produce their own version of these conditions by referencing one or both of the conditions, rather than relying on the pre-printed form of contract purchased from law stationers. This is especially true for transactions of higher value, as it allows the property lawyers to include variations and additions to the standard conditions. Although, it looks very different from usual conditions, it is still pretty much the same in terms of content, and the draftsman must make the same decisions about the details and conditions to be included.
Photo courtesy: Teosaurio
