Purchase and Sale Flashcards
How do you carry out AML checks?
Ask for ID and proof of address and send to internal AML team
Difference between formal and informal tender?
Formal has one round of bidding, contracts are exchanged straight away
Informal can have multiple rounds of bidding
What is RICS guidance for agents?
Residential Real Estate Agency 2017
What does Residential Real Estate Agency 2017 say?
Guidance for Estate Agents
What is the Misrepresentation Act 1967?
Civil offence - (sued) For making false statements of fact during pre contractual enquiries
Tests: Foreseeability Proximity Fairness
What are the pros and cons of auction?
+ Guaranteed sale, short time scale -ve No control, not confidential
What are the pros and cons of informal tender?
+ can pick deadline, multiple rounds -ve Does not lead direct to sale, expensive
What are the pros and cons of formal tender?
+ Can lead directly to exchange -ve No opportunity for multiple rounds
What are the pros and cons of private treaty?
+ Cheap, Control -ve Buyer can pull out, need to set correct price
What must be included in terms of business?
Fee info
PII info
Data Management
Compliance
Notting Hill – what is included in your call for bids email?
Name, company, Solicitors Details, Conditions, price, time lines, finance
For your Westminster example could you not utilise PD rights for additional storeys?
no, you cannot utilise Part 20 in conservation areas
During bidding process how do you ensure you act with honesty and integrity?
- Ensure i reported all bids within 24 hours
- Made sure i gave no one an advantage by revealing bids
What is a strong offer?
Short time frame, strong covenant, 100% equity
What should be contained in the offer letter?
Clients name, solicitors details, offer, conditions
What must you include in a brochure?
EPC, date and Disclaimer
What is the difference between sole selling and sole agency?
Sole selling you get a fee even if the vendor finds the buyer
Sole agency you only get a fee if you introduce a buyer
What happens if you fail to complete?
You are able to remarket the property and potentially claim fees
How can you speed the process from exchange to completion up?
Serve notice.
Are terms of engagement legally binding?
no
When is it legally binding?
Exchange of Contracts
What legislation relates to anti money laundering?
Anti money laundering, Terrorist Financing and transfer of funds 2017
What was the basis of agency?
Sole
What can some of the conditions of a sale be?
Subject to contracts,
Valuations
Planning history
Clear searches
What are searches?
More enquires about property
Flood risk
Infrastructure
