The University Low REAL ESTATE (KNOWLEDGE) Unit 8 Guide Completion Context Unit 8 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. You have also amended the contract for the sale and purchase of Kenulf House and considered the additional steps that needed to be taken before exchanging contracts. In this Unit you will assume you have exchanged contracts, thereby creating a legally binding contract between the parties obliging the seller to sell and the buyer to buy the property. You will complete your consideration of freehold conveyancing procedure by looking at the steps that need to be taken after exchange to complete the transaction, and ultimately close the file: drafting the transfer, carrying out and considering the results of pre-completion searches, agreeing the practical arrangements for completion and taking the necessary steps after completion to register the buyer as the new registered proprietor of the property. You will also consider what happens if this stage of the transaction does not proceed smoothly and look at the remedies available to parties after exchange in the event of breach of contract. Outcomes By the end of this Unit you should be able to: 1. Understand the steps that need to be taken after exchange to lead to a successful completion of a transaction. 2. Advise seller and buyer clients on the consequences of breach of the terms of the contract following exchange. 3. Identify the steps that need to be taken after completion to ensure that the buyer is registered as the new registered proprietor of the property. ce3a024ac41cf06c371437700de00d3d.docx 101 @ The University of Law Limited
The University of Law Unit Workshop Tasks In this Unit Workshop you will: 1. Consider a draft TR1. 2. Identify what pre-completion searches need to be conducted and consider the results of those searches. 3. Consider the replies to your Request for Completion Information. 4. Advise on the legal and commercial consequences, following exchange of contracts, of breach of the terms of that contract. 5. Work out the steps that need to be taken following completion by the buyer's solicitor to ensure title is properly registered in the buyer's name. Preparation To prepare for this Unit Workshop you should: 1. Read 6.3 - 6.4 of chapter 6, chapters 25 to 27, 28.1 - 28.5 and 28.7 - 28.15 of chapter 28, chapters 29 to 30, 31.1 - 31.8.3.2 and 31.8.6 - 31.8.7 of chapter 31, 32.1 - 32.4 and 32.4.3 - 32.5.2.2 of chapter 32 and chapter 33 of the Property Law and Practice textbook, excluding those parts which relate to unregistered land and the Standard Conditions of Sale. 2. Complete Test & Feedback - Unit Workshop 8 (Preparation). 3. Complete the Preparatory Task. Materials required for the Unit Workshop 1. The Guides for and notes you made in Unit Workshops 1, 2, 4 and 6. 2. The Contract from Unit