Drafting TR1 Flashcards

1
Q

Title number

A

from Official Copies

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2
Q

Property

A

Address of property from Property Register of Official Copies

Plan will always be required if property being sold is part of a larger property (whether registered or unregistered)

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3
Q

DATE

A

[date to be inserted on completion]

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4
Q

TRANSFEROR

A

FROM CONTRACT

if company - comp. no too
PR - use PR name
co-ownership - both names

if death of one co-owner:

  • JT: SURVIVOR only
  • TC (1 left): appointed trustee named here too
  • TC: name of survivors
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5
Q

transferee

A

FROM CONTRACT

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6
Q

Transferee’s intended address(es)

A

RESIDENTIAL: address being bought

COMMERCIAL: reg. office or head office of B

(can also give solicitor’s address)

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7
Q

box 7: The transferor transfers the property to the transferee

A

leave this alone

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8
Q

consideration

A

tick correct box (or untick wrongly ticked box)

box 1 - WORDS AND FIGURES

box 2 - if gift

box 3 - for complex transactions

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9
Q

Transferor transfers with…

A

Make sure the correct box is ticked (check contract)

NORMAL = full title guarantee

LIMITED = if sold by someone who isn’t the registered owner like a bank who repossessed or by a PR

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10
Q

Declaration of trust

A

blank if 1 purchaser

if more than 1 purchaser: tick correct box as instructed

  • beneficial JT
  • beneficial TC
  • ‘on trust’ - some other basis
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11
Q

Additional provisions

A

common:

  • new PC/RC
  • indemnity
  • declaration excluding rights of 3P
  • appointment of 2nd trustee\

wording will be agreed in contract - copy it over

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12
Q

appointment of 2nd trustee

A

“For the purpose of giving a valid receipt for the purchase price, [NAME OF SOLE PROPRIETOR] (“Current Trustee”) in exercise of the power under s.36(6) of the Trustee Act 1925 appoints [NAME OF ADDITIONAL TRUSTEE] to be a trustee of the Property with the Current Trustee”

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13
Q

indemnity covenant

A

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

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14
Q

excluding 3P interest

A

“A person who is not a party to this transfer will not have any rights under or in connection with it by virtue of the Contracts (Rights of Third Parties Act 1999)”

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15
Q

execution

A
S always 
B if specific reason to do so:
- panel 11 (new PC/RC)
- panel 10 (declaration of trust)
- panal 11 (indemnity covenant)

CHECK EXECUTION CLAUSE - correct it

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