The Property Contract

Question 1

What requirements must a contract for land satisfy?

Answer 1

1) In writing
2) Incorporate all express terms
3) Be signed

Question 2

Is a property contract a deed?

Answer 2

No

Question 3

Does the property contract transfer the land?

Answer 3

No

Question 4

So why use a property contract?

Answer 4

• Fix completion date
• Tie related transactions
• Set out obligations
• Include conditions

Question 5

When might a property contract be unnecessary?

Answer 5

• A gift of property
• Land of low value (i.e. selling a couple feet at end of garden)

Question 6

What are the different types of contracts?

Answer 6

1) Standard Form Contract
2) Tailor made contract

Question 7

What is the standard form contract for residential land?

Answer 7

Standard Conditions of Sale

Question 8

What is the standard form contract for commercial land?

Answer 8

Standard Commercial Property Conditions

Question 9

When is a contract typically tailor made?

Answer 9

• Commercial transactions

Question 10

When are Standard Conditions of Sale obligatory?

Answer 10

If the parties are adopting the Law Society Conveyancing Protocol

Question 11

What are special conditions in Standard Conditions of Sale?

Answer 11

Amending certain conditions, e.g. 10% deposit to 5% deposit

Question 12

When are special conditions not already in the Standard Conditions of Sale be applicable if the solicitor is following the Law Society Conveyancing Protocol?

Answer 12

If they are absolutely necessary for the purposes of the transaction