Report on title - enquiries Flashcards
What does CPSE 1 cover?
Standard replies to enquireis in a commercial setting - Boundaries, rights, access, condition, contents, utilities, planning, occupiers, disputes, VAT
What is CPSE 2 related to?
Properties subject to commercial tenancies
What is CPSE 3 used for?
On the grant of a new commercial lease
What does the Property Information Form (TA6) address?
Residential properties - neighbour disputes, occupiers, utility providers, boundaries, alterations, meters
What is covered in the Fittings and Contents Form (TA10)?
Items included or not in the sale
What type of property does the Leasehold Information Form (TA7) pertain to?
Long leasehold properties
What is the TA8?
The New Home Information Form
What is required of the seller regarding the replies to enquiries?
Seller must be co-operative and truthful - they cannot deliberately mislead the buyer by concealing physical defects or answering enquiries dishonestly
What does the phrase ‘not as far as the seller is aware’ imply?
Seller has made reasonable investigations
If a seller does not know certain information, who decides if the buyer takes the risk?
The buyer
What are the remedies if the enquiries are incorrect?
- Most contracts include standard conditions which limit buyer’s ability to rescind contract to where it arises from fraud or recklessness
- Damages only where there is a material differences between actual and represented value of the property
In commercial transactions, what can the buyer’s solicitor ask if they want to raise additional enquiries?
Whatever they like, but irrelevant enquiries can be declined
In residential transactions, what can the buyer’s solicitor ask if they want to raise additional enquiries?
They can only ask for clarifications of provided documents, title, use, nature, or location of the property
If following the Law Society Conveyancing Protocol
What is the Law Society Conveyancing Protocol not appropriate for?
New homes
Who must adopt the Law Society Conveyancing Protocol?
Solicitors who are members of the Conveyancing Quality Scheme
What should the buyer’s solicitor focus on when making enquiries according to the Law Soc Conveyancing Protocol?
Essential enquiries to act in the client’s best interests
What must the seller’s solicitor do if replies to enquiries were completed more than two months earlier under the Law Soc Conveyancing Protocol?
Confirm and update the replies
