The Transfer Deed Flashcards
Who drafts the transfer deed?
Default position traditionally – seller drafts contract, buyer drafts transfer deed. But common now for seller to draft it at same time as contract.
What must the form of transfer of land be?
In the form of a deed
What is the common form that must be used for registered land?
TR1 form
What form is used for transfer of portfolio of registered titles?
TR5 form
What form is used for unregistered land?
Typically, still the TR1 form
What are panels 1 to 4 of the TR1 form?
1) Title number
2) Property
3) Date
4) The transferor(s)
What must go in the property panel of the TR1 form?
Brief description of property – usually the address
What must go in the date panel on the TR1 form? When is this filled?
The date is handwritten on completion – so should be left blank until then
What are panels 5 to 7 of the TR1 form?
- The transferee(s)
- Address for service
- The transfer wording
How many transferees can there be?
Maximum of 4
What address for service should be put for transferee?
If a residential buyer, would usually be the address for the property
What is panel 8 and panel 9 of the TR1 form?
- Consideration
- Title guarantee
What do you put in TR1 title guarantee box if no title guarantee?
The title guarantee box should be left blank
What is panel 10 and panel 11 of the TR1 form?
- Declaration of trust
- Additional provisions
What goes into declaration of trust?
If legal and beneficial title being transferred to sole transferee, this should be skipped
What would go into additional provisions?
This would be indemnity covenants for positive covenants, new covenants and easements
If transferor is sole surviving tenant in common, appointment of second trustee would appear here
What is panel 12 of the TR1 form?
Execution
Who must sign the TR1 form?
- Transferor – always
- Transferee – if tenants in common or holding property on trust or providing an indemnity covenant / other obligation in panel 11
How is a deed executed as an individual?
An individual signs the transfer in the presence of an independent witness who signs and prints full name and address
What are the options for executing as a company?
- Company seal in accordance with Article’s – e.g. sole signature
- No company seal, but signed by two directors / one director and one secretary
- Signed by one company director and witnessed by independent witness
- Signed by senior employee who is authorised under power of attorney
What is an engrossment?
Final transfer deed sent for execution
