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Should a seller allow buyer to occupy property before sale completion?
It is common for seller to be in occupation of the property, in which case, the question of taking possession of the property by the buyer before completion does not arise. Unless there is a prior agreement to this effect, … Continue reading
Importance of registering a property sale contract
It is common for most contracts to be completed almost immediately after exchange of documents, hence they are not registered. This article discusses the importance of registering the contract and the circumstances where it is advised. Registration is advised in … Continue reading
What happens when a property sale contract is exchanged?
Once a contract is exchanged it becomes binding on both parties, and they shall not be able to rescind without sufficient reason or incurring liability. After the beneficial interest on the property is transferred to the buyer, he becomes entitled … Continue reading
Property sale contract exchange by formulae
The exchange is usually initiated by the buyer to show that he is now ready to commit to the contract. Once the contract is exchanged it becomes binding on both parties, and neither would be able to rescind without proper … Continue reading
Different methods of property sale contract exchange
This article explains the different methods of exchange of contracts and their effectiveness. It also explains about possible problems encountered when using these methods, along with solutions to overcome them. The exchange is usually initiated by the buyer to show … Continue reading
The process of property sale contract exchange
During exchange of contract, two identical copies of the same document are prepared; one to be signed by the buyer and the other by the seller. The two copies are signed and physically exchanged, i.e. the one signed by the … Continue reading
Key things to consider before exchange of contract in conveyancing
Once the contract is exchanged both parties to the contract shall not be allowed to withdraw without sufficient reason. Doing so would incur breach. Therefore, it is very important that all queries are dealt with and all financial arrangements are … Continue reading
Different types of risks associated with a property on sale
Property at seller’s risk Sometimes, especially in cases of purchase of new property it is common for the risk of damage to remain with the seller until construction is completed. And if there is damage to the property between the … Continue reading
Importance of insuring the property before exchange of contracts
The conveyancing solicitor should make proper arrangements to ensure that the property is insured at the time of completion of transaction, to allow the policy to take immediate effect upon exchange of contract. Insurance is affected by one of the … Continue reading
What if the property purchase deposit cheque bounces?
When a Deposit cheque bounces, it provides an opportunity for the seller to either keep the contract alive or treat the contract as discharged. The seller may also sue the buyer for damages & compensation. The contract should specify details … Continue reading
How to pay deposit amount in conveyancing transaction?
The deposit money should be electronically transferred from the buyer’s solicitor account to the seller’s solicitor account, or by a cheque that is drawn in favour of the seller’s solicitor bank account. As per SCPC 2.2.2 the deposit should be … Continue reading
When can a conveyancer hold the deposit amount?
A conveyancer can hold the deposit money in the following ways: a) As agent for seller b) As agent for buyer c) And as stakeholder. In most cases, the deposit is paid to the seller’s conveyancing lawyer who holds it … Continue reading
All you need to know about deposit amount in conveyancing
It is common for the buyer to pay the seller a token amount as a deposit to assure him that he intends to purchase the property. Such deposit money is usually 10% of the total purchase price. Although not warranted … Continue reading
Documents in a property mortgage transaction
The number of documents used in a property mortgage transaction depends on the nature of the mortgage, the mortgage amount, and the number of properties to be mortgaged. In most residential transactions, a single mortgage deed in the lender’s standard … Continue reading
Conveyancing solicitor’s role in processing property mortgage
After the lender sends a property mortgage offer letter to the borrower, it also sends instructions to its conveyancing solicitor to act for it with regards to the new mortgage. These lawyers will be sent a number of documents including … Continue reading
Conditions attached to a property mortgage offer
The buyer’s solicitor should make sure that the buyer is aware of and understands the terms and conditions mentioned in the mortgage offer. He should also make sure that his client is in a position to comply with them. Conditions … Continue reading
What you need to know about mortgage offers and terms
It is important that a lender undertakes ‘due diligence’ before accepting an application for loan from a borrower seeking finance. Due diligence refers to checks about the authenticity of the buyer, his income, credit worthiness, etc. Once the lender is … Continue reading
What are ‘Options’ in property transactions?
Options are uncommon in residential conveyancing transactions. An option refers to a right given to a prospective buyer to allow him insist that the seller sell the property only to him provided he buys it within a specified period. Although … Continue reading
Drafting a conditional contract
The Standard Conditions do not contain provisions for the inclusion of conditions; hence it is up to the skills of the conveyancing solicitor to take extreme care to ensure that all requirements have been satisfied. It is important that the … Continue reading
Requirements for a valid conditional contract
It is very important that conditional contracts must fulfill certain requirements. They are as follows: Certainty It is very important that the terms and conditions of the contract are mentioned clearly. This was highlighted in Lee Parker v Izzet (No. … Continue reading
Usage of conditional contracts in property transactions
Conditional contracts are usually not recommended as they leave doubts about the validity of contractual obligations between the seller and the buyer. However, in some cases it is nevertheless undertaken. They’re usually done to benefit the buyer, rather than the … Continue reading
Buyer’s consideration of the property sale contract
The terms of the contract between the buyer and the seller shall be open to negotiations; hence it is the duty of the buyer’s conveyancing solicitor to make sure that the draft contract includes all aspects mentioned in his instructions … Continue reading
Regulations on unfair terms in property sale contract
According to Unfair Terms in Consumer Contracts Regulations Act, all contracts should be drafted in plain English. The buyer has the right to challenge terms that are not individually negotiated between the parties (but included in the contract) on charges … Continue reading
Conveyancing conditions related to fixtures and Fittings
Fixtures are things attached to the land and they pass on to the buyer along with the land, unless mentioned by a special condition by the seller. The fittings to be included in the sale should be specifically mentioned in … Continue reading
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