#4876 - Drafting A Contract Diagram - Property Law and Practice

Drafting a contract - SCPC General 1) For any correction or change made, or where something is left blank, explain why 2) Re-order the clause numbers where appropriate Date Leave blank until exchange of contracts The date of exchange is inserted Seller Insert the full name of all the sellers and their addresses (can be individual or company) They must hold the legal title Joint ownership Both the joint owners Partnership As it is not a legal entity the seller would be a maximum of 4 individual partners Buyer Insert the full name of all of the buyers and their addresses (can be individual or company) They must be able to hold the legal title Property 1) Delete 'freehold' or 'leasehold' as appropriate 2) Insert: Registered land For sale of whole plot of land The full address including postcode of the property For sale of part The full address including postcode of the property and rights attaching to the land e.g. 'together with the rights in the proprietary register of the seller's title. More particularly delineated on the plan' Unregistered land For sale of whole plot of land * The full address including postcode of the property * Reference to a better description in a previous conveyance: * As more particularly described in a Conveyance Dated 2nd May 1952 between Party X and Party Y together with the rights detailed in that Conveyance For sale of part The full address including postcode of the property and rights attaching to the land e.g. 'together with the rights in Conveyance dated 2nd May 1952 between X and Y more properly delineated on the plan. Title number / Root Number 1) Delete Title number if it is unregistered land or delete Root of Title for registered land 2) Insert: Specified incumberances Registered land Insert the title number for the property Unregistered land Insert details of the Conveyance which is the Root of Title e.g. A conveyance of the Property dated 24 April 1963 between X and Y 1) Insert a reference to the Charges Register for incumberances e.g. 'The matters set out at item 1 of the Charges Register of title number XXX / root of title conveyance dated 4th May 1960 2) Make sure there is no reference to a mortgage on the property Title guarantee 1) Delete either full or limited as appropriate 2) Insert either 'full' or 'limited' as appropriate in the description Completion date 1) Leave blank until exchange of contracts when: a) A date for completion is entered This overrides any provisions in SCPC 8.1.1 or SCS 6.1.1 b) A date for completion is NOT entered Completion will be 20 working days after exchange of contracts according to SCPC 8.1.1 or SCS 6.1.1 Contract rate 1) Insert an interest rate between 3-5% above the rate of one of the clearing banks * E.g. '4% above the base rate of Barclays Bank plc' * If blank, under SCS and SCPC 1.1.1(e), the rate will be the Law Society's interest rate Purchase price 1) Insert the overall purchase price of the property * This will include contents unless stated otherwise * SCPC - The amount that will be apportioned to contents will then be inserted at the rear of the contract * SCS- The appointed amount will be at the front Deposit 1) Insert the amount of deposit that will be paid on exchange * If no amount inserted will be 10% - SCPC 2.2.1 Contents 1) If the contents are being sold separately, insert the amount Balance 1) Insert result of the purchase price minus the deposit