This is an extract of our Sale And Purchase Of Freehold document, which we sell as part of our Property Law and Practice Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.
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Sale & Purchase of a Freehold Seller Take instructions:Due diligence checks on client's identity (and ensure that it is a company, etc.)Check for money laundering Prepare pre-contract package:Draft contractEvidence of seller's legal title to the propertyPre-contract search results to forewarn them of any problemsAny consents for Planning Permission/Building Regs
Buyer Take instructions:Due diligence checks on client's identity (and ensure that it is a company, etc.)Check for money laundering
Investigate title:Analyse pre-contract packageIdentify defected titelDoes seller have good title?If also acting for Lender, prepare a report on title for them at this point. Is it worth the money advanced Pre-contract searches:Note: caveat emptorThis is very importantCheck buyer's finances: does he have enough, considering deposits, fees and SDLT?
Approve draft contract:Return the contract to SsolState that you
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