Exam Ready Notes for CORE Module ‘Real Estate’!
Workshop 8 & W9 Notes of the Real Estate Module on the Legal Practice Course (LPC) at the University of Law.
These notes were used for the March 2023 exams, where I achieved a Distinction!
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The art of due diligence is to understand your client’s objectives and to ensure that the legal due diligence
exercise concentrates on the issues that are important.
Buyer’s checklist
Deal with Draft the Transfer Deed (TR1). Send this to the seller’s solicitor for approval.
the transfer Send Request for Completion Information to the seller.
If the Transfer is approved and the Request for Completion contains satisfactory answers, the buyer will:
o Engross the Transfer (i.e. prepare a final version will be prepared for signature by both sides)
o Arrange execution by the buyer.
When the Transfer has been executed, the buyer’s solicitor will send this to the seller’s solicitor so that
he can get his client to execute it prior to completion
Make pre- The buyer’s solicitor will need to make necessary pre-completion searches (OS1; Company Search etc.)
completion Check the results are satisfactory.
searches Arrange for a final inspection of the property if required.
Ensure are Make a Report on Title to the Lender
in funds o The buyer’s solicitor will need to make a report on title to the lender, and request a mortgage
advance in time for completion.
Check the Completion Statement
o We should check the completion statement received from the seller with the Request for
Completion to ensure the correct sum is due.
Prepare a Bill of Costs
o Send this to the client together with a copy of the completion statement, requesting the
balance due be paid in sufficient time for funds to be cleared before completion.
When funds are received from the mortgage lender/client, ensure these are paid into the Client Account
ready to be transmitted on completion.
Prepare the We will need an undertaking from the seller’s solicitor on completion, and therefore we should draft
undertaking this in advance
Practical Check the file to ensure there are no outstanding queries
steps Check with the seller that arrangements for vacant possession and handing over of keys.
If completion is to be by post, instruct the seller to act as agent on completion.
Contact the bank to arrange transmission of funds to the seller on the day of completion.
Ensure the buyer before completion completes SDLT 1 and 4, so that Stamp Duty can be paid after
completion.
Ensure estate agents are aware of completion arrangements.
Prepare checklist of matters to be dealt with on actual completion.
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