PLP - Land Contract

Question 1

How do you get round the issue of an occupier in a propert

Answer 1

If you are told there is an occupier that will move out on completion:

• they should sign the contract
  -include a clause: that they agree to vacate on or before completion and give up any rights they may have

Question 2

Clause giving up occupation

Answer 2

The Occupier agrees with the Seller and Buyer undertakes to vacate the Property on or before the Completion Date and releases the Property and any included fixtures and contents from any right or interest that the Occupier might have.

Question 3

Contents Price

Answer 3

Used for any money being paid on top of purchase price for any contents

adapt any clause and ensure one states if some of the contents are excluded (in an Annexed document)

Question 4

Contract Rate SCS

Answer 4

5% acceptable
4% law society

Question 5

Clause on deducing title

Answer 5

Be aware if it was deduced before or after exchange and change accordingly
seller might not want the buyer to be able to raise questions about title after exchange

Question 6

Full v Limited Title Guarantee

Answer 6

Full: Free from encumbrances other than those disclosed or those the seller couldn’t have known about

Limited: same as above but only in the owners period of ownership

Question 7

Completion Time Clause if changed

Answer 7

Conditions 6.1.2 and 6.1.3 are amended such that the words 2pm are replaced with the word 4pm

(6.1.2 and 6.1.3 are the default of SCS)