Real Estate Practice Notes to help with exam structure and seminars

It is necessary for the buyer to make a number of pre-completion searches to ensure:  There are no further interests or incumbrances present on the land since title was investigated.  To check the solvency of the buyer and ensure they are able to sell the property Search What is this and why is this done? When should you do this? OS1**  Ascertains from the Land Registry whether  Always carry out. Priority any further entries have been made on the search register of title since the date of the Official  The search confers a priority period of 30 Copies used to investigate title. working days from the date of the certificate.  This provides that the buyer will take free  The buyer will send an OS1 form to the land from any additional entries made on Title registry, and will receive back an Official provided that he submits his application for Certificate of Search that will show any entries registration before the end of the priority made since the date specified in the OS1. period.  Checks that a corporate seller remains Company solvent.  When the seller is a corporate seller. Search**  As close to completion as possible to ensure the details are accurate at completion.  I.e. repeating the pre-exchange searches of Local Land the Con29R and Con29O.  Not normally necessary provided completion Charges takes place within a short time after receipt Search  Discovery of a late entry will not entitle the of the search results. buyer either to raise requisitions or refuse to  However if: complete, unless the contract was made o Completion takes place 2+ months after conditional on the satisfactory result of exchange and the search is not covered searches. However the buyer should be by insurance. advised of any further entries. o Information suggests a further search may be advisable in order to guard against a recently entered adverse entry on the register (e.g. if the OS1 throws up something such as a Mining Reservation). o If the contract was made conditional on the satisfactory results of later searches. Bankruptc  The lender will require a clear bankruptcy  Only required where you act for both a buyer y Search search against the name of the buyer before and the lender for releasing mortgage funds.  It is not normally necessary to do a  The lender’s solicitors will deal with this if you bankruptcy search against an individual Individuals do not act for them. seller as s86(5) of the LRA 2002 provides that  if there is no notice relating to the bankruptcy on title, the buyer can still take good title