Preliminary Matters (Stage 1A)

Question 1

What three key things should a solicitor do soon after they’ve been instructed in a conveyance matter?

Answer 1

1. Send a client care letter
2. Obtain identification docs
3. Share T&Cs of business

Question 2

What should B’s solicitor advise B to do after being instructed on a conveyance matter?

Answer 2

Advise B to have a surveyor carry out a physical inspection of property

Question 3

What should S’s solicitor advise S on shortly after being instructed on a conveyance matter?

Answer 3

Advise on Capital Gains Tax

Question 4

What two actions may a solicitor be subject to if they breach an undertaking?

Answer 4

1. Specific performance
2. Disciplinary action/sanctions

Question 5

What are three requirements needed for a solicitor to act for a buyer and a lender in a conveyance transaction?

Answer 5

1. Lender must be an institutional lender
2. Certificate of Title is provided
3. Maintenance of client confidentiality

Question 6

Can a solicitor represent a buyer and a seller in a property transaction? Why/why not?

Answer 6

No - there is a conflict of interests since the parties interests aren’t aligned

Question 7

A solicitor may represent ___ buyers/sellers who are buying/selling together as long as the parties agree on the ________ of the sale and there’s no apparent ________

Answer 7

two, specifics, conflict

Question 8

If Bs want to hold the equitable beneficial estate as tenants in common, what should the solicitor advise the buyers to enter into?

Answer 8

Declaration of trust