Drafting TR1 Flashcards
Title number
from Official Copies
Property
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)
DATE
[date to be inserted on completion]
TRANSFEROR
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
transferee
FROM CONTRACT
Transferee’s intended address(es)
RESIDENTIAL: address being bought
COMMERCIAL: reg. office or head office of B
(can also give solicitor’s address)
box 7: The transferor transfers the property to the transferee
leave this alone
consideration
tick correct box (or untick wrongly ticked box)
box 1 - WORDS AND FIGURES
box 2 - if gift
box 3 - for complex transactions
Transferor transfers with…
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
Declaration of trust
blank if 1 purchaser
if more than 1 purchaser: tick correct box as instructed
- beneficial JT
- beneficial TC
- ‘on trust’ - some other basis
Additional provisions
common:
- new PC/RC
- indemnity
- declaration excluding rights of 3P
- appointment of 2nd trustee\
wording will be agreed in contract - copy it over
appointment of 2nd trustee
“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”
indemnity covenant
“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”
excluding 3P interest
“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)”
execution
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