REAL ESTATE (KNOWLEDGE) Unit 6 Guide The Contract

REAL ESTATE (KNOWLEDGE) Unit 6 Guide The Contract Context Unit 6 concerns the purchase of Kenulf House by your client, Arcadian Investments Limited, from Winter Estates Limited. You have taken instructions, investigated the seller’s title and analysed the results of your searches and enquiries. In that process, you have identified certain issues that need to be dealt with in the contract for the sale and purchase of Kenulf House. In this Unit you will consider all the outstanding issues and how they are to be dealt with before proceeding to agreeing the contract. The contract is usually drafted by the seller’s solicitor and sent to the buyer’s solicitor as part of the initial pre-contract package. Accordingly, it will have been drafted to suit the “opposing” party and may not contain all the provisions necessary to deal with the issues that have arisen as part of your investigations. In Unit Workshop 6 you will amend the draft contract and advise the buyer on its terms. Once you are satisfied that all the outstanding issues have been resolved and that the client is in a position to enter into a contractually binding commitment, you will consider what additional steps need to be taken before you can finally exchange contracts. Outcomes By the end of this Unit you should be able to: 1. Identify the outstanding issues following on from investigation of title and completion of searches and enquiries. 2. Review and suggest appropriate amendments to a contract drafted by the seller’s solicitor, including drafting a special condition. 3. Carry out the necessary steps to be able to proceed to exchange of contracts. Unit Workshop Tasks In this Unit Workshop you will: 1. Identify the issues outstanding following the investigation of title and searches and enquiries made on behalf of the buyer. 2. Review and explain amendments to the draft contract proposed on behalf of the buyer.