3 - Drafting the contract, Exchange and Post-Exchange Flashcards
1
Q
What are ‘specified incumbrances’?
A
Seller must clearly state matters that will continue to burden the property once sold = discharging its limited duty of disclosure
- basically Charges Register
2
Q
Why is mortgage not a specified incumbrance?
A
Seller should have discharged it on completion
3
Q
What does the seller not have a duty to disclose?
A
Patent incumbrances - rights discoverable on inspection and physical defects
4
Q
what is formula B?
A
Law Society formula for method of exchange by telephone
