PLP - Contract

Question 1

What standard terms are normally used in a property contract for residential and commercial?

Answer 1

1. Standard Conditions of Sale
2. Standard Commercial Property Conditions.

Question 2

What should be included in the property contract?

Answer 2

1. Date
2. Seller
3. Buyer
4. Property
5. Title number
6. Specified incumbrances
7. Completion date
8. Contract rate
9. Purchase Price
10. Deposit
11. Balance

Question 3

What should be included in the ‘incumbrances’ section?

Answer 3

Question 4

What special condition might you include in the contract for an indemnity covenant?

Answer 4

Question 5

What should the ‘buyer’ part look like if they are a company?

Answer 5

Question 6

Wording to be used if there is an occupier

Answer 6

Question 7

Easier wording to be used for an occupier

Answer 7

The occupier agrees to the sale of the Property and undertakes to vacate the Property on or before the Completion Date and releases any rights they might have to the Property and its contents.