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PLP > 4. Drafting C and Exchange > Flashcards

4. Drafting C and Exchange Flashcards

1
Q

Statute governing format of contract

A

s.2 LP(MP)A

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2
Q

Way to describe property on C for unreel land

A

By ref to conveyance in epitome

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3
Q

7.6.5

A

SCPC on if S gave IC, B also gives

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4
Q

What happens to SCPCs if property is not standard rated

A

Remove ‘exclusive of VAT’ on front + incorporate Condition A1

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5
Q

What does B’s S check about mortgage

A

CLLS draft agreed to? Offer accepted by B?

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6
Q

Two examples of latent incumbrances

A

RCs and RoW

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7
Q

Framework for drafting additional special conditions

A

Who is to perform, what, and when

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8
Q

What issues does S’s S check prior to exchange (3)

A

Existing loan, enquiries + C, and deposit

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9
Q

How can you stop the operation of s.62 LPA

A

Tick pre-printed special condition

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10
Q

What SCPC applies if standard rated

A

2

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11
Q

What will always be a variation to Formula B

A

Payment of deposit by TT (unless already sent)

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12
Q

What is no title guarantee

A

No remedy against S

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13
Q

Way to describe property on c for reg land

A

Address

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14
Q

SCPC on if S gave IC, B also gives

A

7.6.5

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15
Q

S.62 LPA

A

All fixtures and objects benefitting the property automatically pass w/ the property

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16
Q

SCPC 8.1

A

Property is at risk of B from date of C

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17
Q

What must Ss both get from their client prior to exchange

A

Signature on C, obtain instructions on completion, get authority to exchange

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18
Q

Who must execute PD for partnerships

A

All partners

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19
Q

What must always be done to document exchange

A

An attendance note

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20
Q

What incumbrances are listed in 4.1.2 as binding B

A

Specified, discoverable, or impossible for S to know

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21
Q

What does S’s S check for deposit prior to exchange

A

Agreed amount, received in advance, and how does S hold the deposit?

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22
Q

What does S’s S check prior to exchange for existing loan

A

Gets provisional redemption figure

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23
Q

What does Formula B rely on

A

Undertakings

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24
Q

IB(11.5)

A

S is advised to keep records of when undertakings given and when discharged

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25
Q

How are SCPCs incorporated

A

Expressly

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26
Q

How can you change presumed full title guarantee

A

Pre-printed special condition

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27
Q

Format for regularisation certificate as condition

A

The Seller will provide the Buyer with a Regularisation Certificate for [X building] constructed in [year] on the Property from [X] District Council, on or before the Completion Date.

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28
Q

What must B’s S report to him prior to exchange

A

Terms of C + ensure acceptable

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29
Q

Why is CLLS sent in draft for approval prior to exchange?

A

To ensure money will be advanced on completion.

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30
Q

SCPC on B deemed to buy subject to all listed in that section

A

4.1.2

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31
Q

What does B’s S check about deposit

A

Amount agreed + cleared funds in client account

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32
Q

Three possible ways to exchange

A

Person, post and by phone

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33
Q

4.1.2 covers what

A

Encumbrances that B buys subject to

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34
Q

What does s.2 LP(MP)A require of the C

A

Writing, incorporating all agreed terms, and signed by/on behalf of all parties

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35
Q

When do both sides become legally bound

A

On exchange

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36
Q

What happens if Formula B is varied

A

Must be confirmed in writing in Conveyancer’s Box

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37
Q

Why is it an issue if B occupies prior to completion

A

B may lose incentive to complete

38
Q

SCPC on presuming title guarantee to be full

A

7.6.2

39
Q

Why must M not be mentioned as specified incumbrance on front page of C

A

Undoes 4.1.2(d), as then becomes specified under (a)

40
Q

SCPC on time for completion presumed to be 2pm

A

9.1.2

41
Q

What issues must B’s S check

A

All docs + searches done and satisfactory; all issues dealt w/

42
Q

How do you deal w/ pre-printed special conditions when picking those that apply

A

Cross through the ones not used + renumber

43
Q

When is a property standard rated

A

Built in last 3 years or S opted to tax

44
Q

Format for non-owning occupiers as special condition

A

The Seller will provide on the Completion Date an original Declaration of Waiver (in the form attached to this contract) signed by [X] and dated at the date of this contract.

45
Q

What two kinds of encumbrances must S disclose

A

Latent and defects in title

46
Q

What must B’s S check for the contract prior to exchange

A

Signed most recent agreed version?

47
Q

What can happen if S fails to correctly describe the property on the contract

A

Can = MR + BoC under 10.1

48
Q

Format for removal of part of property (e.g. fixture)

A

On or before The Completion Date, the Seller shall remove [x] currently located/affixed [location], provided the Seller makes good any damage caused to the reasonable satisfaction of the Buyer.

49
Q

3.2.1 SCPC

A

Deposit presumed to be 10%

50
Q

What is the deposit presumed to be + per what

A

10%, 3.2.1

51
Q

O(11.2)

A

S must comply w/ undertakings within agreed or reasonable time

52
Q

Property is at risk of B from date of C

A

SCPC 8.1

53
Q

When is actual indemnity covenant given

A

In Purchase Deed

54
Q

Three financial agreements B’s S should check prior to exchange

A

Deposit, mortgage and draft financial statement for B

55
Q

What happens to formatting of removal of part of property if subject to LB consent

A

Put ‘provided the Seller receives LB consent from X DC…’

56
Q

What contents automatically pass w/ the property per s.62 LPA

A

All fixtures and objects benefitting the property

57
Q

SCPC on B buys free of mortgage

A

4.1.2(d)

58
Q

Procedure for exchange

A

S confirms holding signed C + BS confirms deposit; completion dated agreed + written; exchange agreed; C dated + undertakings given

59
Q

How can you vary deposit presumed to be 10% under 3.2.1

A

By special condition

60
Q

7.6.2

A

Title guarantee presumed to be full

61
Q

Format for repair of property (for breach of PC)

A

Prior to the Completion Date, the Seller shall put [the fence on the boundary of the Property] into a good state of repair in accordance with covenant [x] of the Schedule of covenants contained in the Charges Register of Title Number [x]

62
Q

9.1.2

A

Time for completion presumed to be 2pm

63
Q

What DoC does S have from exchange, towards the property

A

Reasonable care, NOT to insure

64
Q

What do Ss need to report to client post-exchange

A

Inform them of exchange, completion date, financial issues and provide for signing TR1

65
Q

How do you change time for completion

A

Special condition

66
Q

What encumbrances need S NOT disclose

A

Any listed in 4.1.2

67
Q

What is limited title guarantee

A

No 3rd party rights since last sale

68
Q

What must solicitor do if S accepting reduced deposit

A

Explain consequences

69
Q

How does S usually hold B’s deposit

A

As stakeholder per 3.2.2

70
Q

S must comply w/ undertakings within agreed or reasonable time

A

O(11.2)

71
Q

Wording of IC

A

“The Transferee covenants with the Transferor to observe and perform the covenants contained or referred to in entry [X] of the Charges Register of title number [X] and to indemnify the Transferor against any liability for any future breach or non-observance of those covenants.”

72
Q

How MIGHT Formula B be varied (2)

A

Stating deposit already received and/or including undertaking to send C on another day

73
Q

What if TiC wants to give full, but 2T only giving limited?

A

Use special condition

74
Q

How are specified incumbrances referenced on contract

A

‘SI: the matters set out at item [x] of the Charges Register of title number [XXXXX]’

75
Q

How do you avoid issue of B losing incentive to complete, by occupying prior to completion

A

B only occupies as licensee w/ special conditions in contract on e.g. hours of access

76
Q

Who can sign on exchange of Cs (other than individual)

A

Authorised 3rd, S, or officer/P of company/Partnership

77
Q

When would you not tick pre-printed special condition, even if wanted to stop operation of s.62

A

If using special condition instead

78
Q

What docs/instructions must S’s S check prior to exchange

A

Contract and completion date

79
Q

Who drafts contract and how

A

S’s S, using Heads of Terms

80
Q

What to do on special conditions if lessor staying in occupation after sale of freehold

A

Give details of lease, including ‘occupying pursuant to lease dated [X]’

81
Q

When is wording of indemnity covenant agreed

A

Contract

82
Q

S is advised to keep records of when undertakings given and when discharged

A

IB(11.5)

83
Q

What procedure for exchange by phone

A

Formula B

84
Q

What documents/instructions must B’s S check prior to exchange

A

Contract and completion date

85
Q

What is the guarantee w/ full guarantee

A

Right to sell + free from 3rd party rights other than those disclosed or impossible

86
Q

What must person in actual occupation sign

A

Declaration of Waiver and promise to vacate on or before Completion Date

87
Q

What Special Condition will always be checked - one or the other

A

4 - vacant possession or subject to lease

88
Q

If selling subject to lease in favour of Michael Wood, granted 11th January 2018 for a term of 10 years, what would you write in SCPC SC 4

A

lease to Michael Wood (occupying pursuant to a 10-year lease dated 11 January 2018)

89
Q

What is the only possible Condition under Section 9 of the SCPCs which might be checked

A

Condition A1 - not a taxable supply

90
Q

Three examples of things that may be a condition on a contract

A

Obtain Regularisation certificate, obtain retrospective planning permission, obtain restrictive covenant insurance

91
Q

What to say about undertakings at exchange

A

They are personally binding and note O(11.2) and IB(11.5)

PLP (12 decks)

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