Class notes
Real Estate Revision Notes
- Course
- Institution
All of my lecture and worship notes condensed into revision format. I am missing the last one or two topics from the 9th and 10th lecture/workshops.
[Show more]
Seller
Follow
blu0121
Content preview
, Taking InstructionsConveyancing :
2 milestones :
1) Either binding
Exchange of Contracts Party back if have been
exchanged exchanged
-
can out contracts not . Once
they will become .
2) I Land
Completion The transfer of the Property is complete and now
belongs to the
buyer
-
.
Caveat Emptor =
Buyer Beware
3.
stages
:
1) Pre this is the solicitor will find
everything about the
Property Hand
exchange stage where out
-
-
° 0
Boundaries it
•
actual
outgoings Make sure owner owns etc .
-
refunded
IF Sale Falls
through ,
no
money will be
-
After report of all the the
buyer will choose to Forward back out
a checks
go or .
Z)
pre completion
stage Buyers solicitor will conduct last minute searches to ensure no last minute problems arise
-
- -
-
Sellers solicitor will also take steps to ensure sale
goes through including a
discharge of
mortgage .
3) Post Final
completion
stage steps
-
-
'
Register buyer
-
at the land
as owner
registry must
pay the
statutory land tax .
Professional conduct :
The SRA codes of conduct
Two codes
Principles :
-
Act in a way that upholds the constitutional principles of the rule of law , and the proper administration of justice
-
Act in a way that upholds Public trust and confidence
-
' ' '
best inclusion
equality diversity
with
'
independence with honesty interests
with
integrity in of client encourages ,
,
conflicts 6
of interest -
paragraph
Acting For buyer and Seiler :
°
A suitor 1 Firm both in
may not ac t for
buyer and seller a conflict of interest or a risk of one exists .
both
"
However that solicitor both Parties if if Parties
''
-
risk exist have
,
para 6.2 sets out a
may act for even a does a
Substansiaiiy Common interest
'
-
"
which the SRA describes as situation where there is clear common Purpose between the clients and consensus how it is to be acheived
strong
a a a on .
-
" "
Para 6.2 Cb) Sets object in
out another exception as
competing for the same which can never happen a
conveyancing Procedure .
-
If there is no conflict of interest they act for both Parties but it is advisable to :
,
may ,
-
the ( costs
Inform clients in
writing of the risks and inconvenience) should a conflict arise and the Firm have to cease
acting .
-
Obtain the Firm
clients consent to
acting .
-
record the factors in decision
considered reaching a to act
-
ensure each party is represented by a different Fee earner in the firm
Acting for borrower and lender
'
same as above .
'
As transaction
soon as
buyers solicitor receives instructions he is
working for tender too ,
he is
effectively working for both parties in one . He has 2 Clients
and owes a
duty to both .
Mortgage Express v Bowerman and Partners 1996
'
Examples of conflict interest for both
a of when
acting buyer and lender .
✓
The terms of a
mortgage offer are unfair to the borrower .
-
Instructions reveal the
buyer would be in breach of one of the terms of the offer .
-
The buyer or seller is unable to comply with the lenders terms .
I
The documentation requires negotiation between the Parties
mortgage
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller blu0121. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R178,68. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now