Contract and Exchange

Question 1

what does the buyers solicitor prepare for the buyer and lender

Answer 1

Buyer:
* report on title (finalised/approved by exchange)

Lender
* certificate of title (draft should be approved by lender before exchange)

Question 2

what is the difference between the report on title and certificate on title

Answer 2

COT = staples and standard document
ROT = less specific format

Question 3

would a buyer get more benefit from a report on title or certificate of title?

Answer 3

more information from a report on title as it is more specific to an individual client (certificate of title is more broad)

Question 4

what is the process of the contract (who prepares what)

Answer 4

the seller’s solicitor prepares it
the buyer’s solicitor reviews, amends and approves it

Question 5

what are the standard conditions of contracts

Answer 5

Residential = SCS
Commercial = SCPC
they are incorporated into the contract

Question 6

how can standard conditions be amended

Answer 6

standard conditions can be amended, varied or supplemented by special conditions (e.g. VAT & title guarantee)