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16 Cards in this Set
- Front
- Back
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Who send the contract Pack at beginning of transaction? |
Sellers solicitor |
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What two things does sellers solicitor do at beginning of transaction after taking instructions from their client? |
1. Check over the title deeds 2. Send contract Pack, including title deeds, contract, prop info to buyers solicitor |
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Will the buyers solicitor raise any queries regarding the title if necessary? And if so what are they called? |
Yes They're called requisitions |
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What three things will the buyers solicitor check before going ahead with exchange? |
1.that funding is in place 2. That all search and enquiries are answered and satisfactory 3. The contract terms |
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Before exchange of contracts, what is it common to see on correspondence? |
STC Subject to contract |
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Is there really any legal requirement for you to write STC on correspondence anymore? If not why not? |
No Prior to 1989 it was used to prevent a contract being entered into by accident (whether verbal or written) but in 1989 the law changed to prevent this possibility. So it's no longer necessary. |
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Pre-completion stage: What is the form called that confirms: Where keys will be left How much money is due on completion Where completion will take place (And who is this form sent by and at what point?) |
Requisitions on title Sent by buyers solicitor, at exchange with draft TR1 - sellers solicitor answers all questions on requisitions on title and confirms draft TR1 |
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Pre-completion stage: What happens when the sellers solicitors receive and approve the draft TR1? |
The seller signs it in readiness for completion. |
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Pre-completion stage: What must the buyers solicitor ensure with regard to their clients purchase funds? And what must happen if there's a mortgage? |
They must make sure client has correct funds in place. If there's a mortgage then client must sign mortgage deed. |
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Pre-completion stage : At this stage, what 2 things will both solicitors send to their clients? |
1. A bill 2. A financial statement |
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Pre-completion stage : What will the buyers solicitor check again at this stage? |
That there have been no additional entries made on the register (ie an additional mortgage etc) |
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Completion: Which 2 exchanges happen at completion? |
1. Buyers solicitor sends money to sellers solicitor 2. Sellers solicitor hand over title docs (ie TR1) and keys |
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Does completion happen by post or in person at the selling solicitors office? Or can it happen either way? |
It can happen either way |
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Post completion: What 2 responsibilities does the buyers solicitor have post completion with regard to Hmrc and LR? |
File and pay sdlt with Hmrc Register transaction with LR |
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Post completion: When the buyers solicitor is registering the transaction with LR, what other responsibility will they have with the LR, IF the other party was unrepresented? |
They will have to supply the LR with proof of that other party's identification. |
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Post completion, both solicitors will make sure that... |
Their accounts are clear (ie clients have paid) And then they'll close the account (retaining files in safe place incase any later queries) |
