TR1 - Drafting Flashcards
Box 4 - Transferor - Residential TR1
Look out for a registered proprietor’s surname on the contract being different to official copies. May be given something that explains the change e.g deed poll, marriage certificate. Put surname contained in these and the contract
Box 6 - Transferee’s registered address - Residential drafting
For residential buyer who has purchased the property to live in will want any correspondence to be sent to their new address so PUT THE NAME OF THE PROPERTY
Box 8 - Consideration - Commercial TR1
If the seller is a company always include EXCLUSIVE OF VAT
Box 9 - Title Guarantee - Key Point
Always assume it is full title guarantee then look for clues in the contract will be special condition if they’re selling with limited or no title guarantee or question which states that the seller is an executor, trustee or administrator
Box 9 - Title Guarantee - If there’s two sellers and they will be selling with different guarantees
[NAME OF SELLER 1] sells with full/limited/no title guarantee and [NAME OF SELLER 2] sells with full/limited/no title guarantee
Key point if one of the registered proprietors has died
If the property is held as tenants in common and one of the registered proprietors has died then the remaining registered proprietor will need to appoint another person as the second trustee they will both need to be put down as transferors. Usually the second person will sell with limited or no title guarantee
Box 9 - Title Guarantee - Full Title Guarantee
If the seller owns the entire legal and equitable title.
Box 9 - Title Guarantee - Limited Title Guarantee
Given where the seller has limited knowledge of the property e.g where they are executors or trustees
Box 9 - Title Guarantee - No Title Guarantee
If they have no knowledge at all. Usually following insolvency. Need to look for if they’re administrators or liquidators
Box 9 - Title Guarantee - Wording to include for No Title Guarantee
The Transferor transfers the property with no title guarantee and with no covenants for title whether express or implied.
Box 9 - Title Guarantee - Wording to ALWAYS include if it is for limited or full guarantee - Commercial drafting
The covenants for title implied by the LPMPA 1994 are modified so that:
a) the covenants set out in section 2(1)(b) of the LPMPA 1994 shall not extend to costs arising from the Transferee’s failure to:
i) make proper searches; or
ii) raise requisitions on title or on the results of the Transferee’s searches.
Box 9 - Title Guarantee - Wording to ALWAYS include if it is for limited or full guarantee - residential drafting
The covenants implied under LPMPA 1994 are modified so that:
(a) the words “at his own cost” in section 2(1)(b) of the LPMPA 1994 are deleted and substituted by the words “at the cost of the person requiring compliance with this covenant”.
Box 9 - Title Guarantee - Wording to include with Limited Title Guarantee - Commercial drafting
In addition to a).
b) the covenant set out in section 3(3) of the LPMPA 1994 shall extend only to charges or incumbrances created by the Transferor.
Box 9 - Title Guarantee - Wording to include if it is leasehold land - both residential and commercial
In addition to a).
c) the covenants set out in section 3 and section 4(1)(b) of the LPMPA 1994 shall be limited so that the Transferor will have no liability under them for the consequences of any breach of the terms of the Lease relating to the physical state or condition of the Property.
Box 10 - Declaration of trust
This is if the Transferee is more than one person.
Look at the question and see how they will hold the interest.
