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
