Conveyancing Cert. Test (2024) – With Questions & Complete Solutions (Rated A+)
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Module
Conveyancing
Institution
Conveyancing
Conveyancing Cert. Test (2024) – With Questions & Complete Solutions (Rated A+)
Conveyancing Cert. Test (2024) – With Questions & Complete Solutions (Rated A+)
What is conveyancing? - ANSWER - The process by which a land or interest therein, vested in a person or group of persons is transfe...
, Conveyancing Cert. Test (2024) – With
Questions & Complete Solutions
(Rated A+)
What is conveyancing? - ANSWER - The process by which a land or interest therein,
vested in a person or group of persons is transferred to another person or group of
persons so that that land or interest is now vested in that other person or group of
persons.
- ANSWER 2 - The area of law concerned with the preparation of documents for the
transfer of property.
What are the six key documents when handling a conveyancing matter? - ANSWER
- Property Information Form - TA6
Fitting and Contents Form - TA10
Contract incorporating the standard conditions of sale
Completion Information and Undertakings
TR1
AP1
What are the two key pivotal points in a conveyancing transaction? - ANSWER -
Exchange of contracts
Completion
What are the five stages of a conveyancing transaction? - ANSWER - Pre contract
Exchange
Pre completion
Completion
Post completion
What occurs in the pre-contract stage? - ANSWER - File opened, anti money
laundering checks and due diligence, client identification, seller's conveyancer will
send the contract package to the buyers conveyancer who will submit searches,
check the title, raise enquiries and resolve client financing.
What occurs during exchange of contracts? - ANSWER - The point where the
contract becomes legally binding. Usually done over the phone following procedure.
A deposit is usually paid on exchange.
What occurs during the post exchange, pre completion stage? - ANSWER - The
sellers conveyancer will arrange for the seller to sign the transfer document and
obtain up to date redemption figures on any mortgages. Pre completion searches will
be conducted by the buyers conveyancer and obtain their funding.
What occurs during completion? - ANSWER - The buyers conveyancer will release
the completion money to the sellers conveyancer. Upon receipt of these funds, the
sellers conveyancer will contact the estate agents to confirm the keys can be
released.
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