Property Law & Practice Flashcards
What is the report on title?
The report in which a solicitor reports to its clients on its investigation of title, search results and replies to enquiries. This is sent to the buyer before the exchange of contracts
The report on title includes:
- information about the property (address, title, land plan, registered/unregistered, owner, any charges)
- matters benefitting the property
- matters burdening the property
What are the heads of terms?
The document which sets out the terms of the transaction agreed in principle between the parties. The terms are subject to the contract and are confidential.
The Code (Code for Leasing Business Premises) is concerned with heads of terms - ensures they are clear and transparent
Areas covered:
- extent of premises
- length of term and break rights
- rent and rent review
- repairing obligation
- rights to assign
- permitted use of property
- rights to alter property and obligations to put property back in original state
What is an epitome of title?
It is a set of copies of relevant title documents for unregistered land. The seller’s solicitor identifies which deeds/documents are relevant to deduce title and lists them in the epitome of title
What is caveat emptor?
‘Buyer beware’
It means that it is incumbent on the buyer (buyer’s solicitor) to inform themselves of any issues with the property. Searches and enquiries, which the buyer’s solicitor carries out, are an essential part of this
