Special Conditions in a Property Contract Flashcards
How many pre-set special conditions are there in a residential draft contract?
7
How many pre-set special conditions are there in a commercial draft contract?
9
What is the default position of title guarantee in residential?
Full title guarantee unless amended by special condition
What do special conditions let you do regarding contents in a residential transaction?
Allows you to include / exclude
What does special conditions say about vacant possession?
Allows you to select if property is sold vacant or with tenants
What are the special conditions in a residential draft contract?
1) Incorporates SCS into contract
2) Title guarantee
3) Contents
4) Vacant possession
5) Time of completion
6) Representations
7) Occupier’s consent
What does SCS say about representations?
No liability made for representations unless written, unless fraudulent
What does SCS say about occupier’s consent?
Other adult occupiers can sign special condition 7 to confirm vacant possession
What are examples of tailor made special conditions?
1) Seller must pay £80 for indemnity policy
2) Seller and Buyer agree they will not disclose to any third person details of this agreement
What title guarantee can a buyer receive from 2 tenants in common if 1 has died?
1) Full title guarantee from seller
2) Limited title guarantee from the deceased’s trustee
If a seller agrees washing machine is included, what must buyer do?
Ensure that the pre-written special condition outlines this
