Property law and practice. [2011/2012] by Clare Harris; Anne Rodell; College of Law (England and

By Clare Harris; Anne Rodell; College of Law (England and Wales)

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Extra resources for Property law and practice. [2011/2012]

Example text

Burden (of a covenant) The obligation to comply with it. Call option An agreement under which a party can, within a defined period, ‘call’ on (or compel) the other to sell his property. Caution Under LRA 1925 a method of protecting a third-party right in registered land. This could be entered on the register without the consent of the proprietor. Cautions can no longer be used under LRA 2002, but existing registrations remain effective. Caveat emptor Let the buyer beware — emphasising that it is the buyer’s responsibility to discover problems with the property, not the seller’s to disclose them.

A flowchart showing the steps is to be found at the end of the chapter. 1 Marketing the property The transaction will begin with the seller putting the property on the market in the hope of finding a buyer. The seller will usually engage an estate agent to assist in this process. Before marketing can start, the seller (or his estate agent) will need to have commissioned (but not necessarily received) an Energy Performance Certificate (EPC). Detail on the timing and function of this document is considered in Chapter 8.

At this stage it will also be necessary to obtain documentary proof of the client’s identity – whether buyer or seller – in order to comply with anti-money laundering regulations. Following this, the seller’s and buyer’s solicitors must attend to different aspects of the transaction. 3 The pre-contract stage Having taken instructions, the seller’s solicitor must prepare the pre-contract package for the buyer. This comprises: (a) the draft contract, showing what land the seller is selling and on what terms he is prepared to sell it; (b) evidence of the seller’s legal title to the property, to prove that he does own and is entitled to sell the land; and (c) sometimes, the results of pre-contract searches which the seller has made and other information about the property.

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