1) Either binding
Exchange of Contracts Party back if have been
exchanged exchanged
-
can out contracts not . Once
they will become .
2) I Land
Completion The transfer of the Property is complete and now
belongs to the
buyer
-
.
Caveat Emptor =
Buyer Beware
3.
stages
:
1) Pre this is the solicitor will find
everything about the
Property Hand
exchange stage where out
-
-
° 0
Boundaries it
•
actual
outgoings Make sure owner owns etc .
-
refunded
IF Sale Falls
through ,
no
money will be
-
After report of all the the
buyer will choose to Forward back out
a checks
go or .
Z)
pre completion
stage Buyers solicitor will conduct last minute searches to ensure no last minute problems arise
-
- -
-
Sellers solicitor will also take steps to ensure sale
goes through including a
discharge of
mortgage .
3) Post Final
completion
stage steps
-
-
'
Register buyer
-
at the land
as owner
registry must
pay the
statutory land tax .
Professional conduct :
The SRA codes of conduct
Two codes
Principles :
-
Act in a way that upholds the constitutional principles of the rule of law , and the proper administration of justice
-
Act in a way that upholds Public trust and confidence
-
' ' '
best inclusion
equality diversity
with
'
independence with honesty interests
with
integrity in of client encourages ,
,
conflicts 6
of interest -
paragraph
Acting For buyer and Seiler :
°
A suitor 1 Firm both in
may not ac t for
buyer and seller a conflict of interest or a risk of one exists .
both
"
However that solicitor both Parties if if Parties
''
-
risk exist have
,
para 6.2 sets out a
may act for even a does a
Substansiaiiy Common interest
'
-
"
which the SRA describes as situation where there is clear common Purpose between the clients and consensus how it is to be acheived
strong
a a a on .
-
" "
Para 6.2 Cb) Sets object in
out another exception as
competing for the same which can never happen a
conveyancing Procedure .
-
If there is no conflict of interest they act for both Parties but it is advisable to :
,
may ,
-
the ( costs
Inform clients in
writing of the risks and inconvenience) should a conflict arise and the Firm have to cease
acting .
-
Obtain the Firm
clients consent to
acting .
-
record the factors in decision
considered reaching a to act
-
ensure each party is represented by a different Fee earner in the firm
Acting for borrower and lender
'
same as above .
'
As transaction
soon as
buyers solicitor receives instructions he is
working for tender too ,
he is
effectively working for both parties in one . He has 2 Clients
and owes a
duty to both .
Mortgage Express v Bowerman and Partners 1996
'
Examples of conflict interest for both
a of when
acting buyer and lender .
✓
The terms of a
mortgage offer are unfair to the borrower .
-
Instructions reveal the
buyer would be in breach of one of the terms of the offer .
-
The buyer or seller is unable to comply with the lenders terms .
I
The documentation requires negotiation between the Parties
mortgage
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