Preparing for a Purchase and Sale - Residential Flashcards Preview

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Flashcards in Preparing for a Purchase and Sale - Residential Deck (19)
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1

Home Report

If you're selling a property in Scotland you'll need to provide a home report.
unless you are selling it in a private deal

2

Documents in a Home Report

Single Survey
Energy Performance Certificate
Property Questionnaire

3

What is a single survey?

The single survey contains:
an assessment of the condition of the home (for example, the roof, internal and external walls, plumbing and kitchen fittings)
a valuation
an accessibility audit for people with particular needs.

4

What is an EPC?

By surveyor, detailing the house's grade of energy efficiency.
The energy report also recommends ways to improve the home's energy efficiency and reduce fuel bills.

5

What is a Property Questionnaire?

The property questionnaire contains additional useful information about the property, for example:
the property's council tax band
parking arrangements
alterations that have been made to the property
whether there are any extra costs involved in living there (such as charges for the upkeep of communal areas).
Answered by the owner of the property

6

Issues when executor fills out questionnaire?

They might not be able to complete it fully because they have (presumably) never lived in the house

7

Does the seller need to accept highest offer?

No

8

What is "noting interest"?

it is an indication to the selling agent that your client is serious enough to speak to a solicitor about making an offer
By letter, phone, email - identifying the client and containing all your contact details as the prospective purchaser's solicitor, so that you will be informed if a closing date is set
Does not guarantee an opportunity to submit an offer

9

What is a closing date?

a date and time set by the seller's agents by which any interest parties must submit their best offer
the seller's solicitor receives instructions to proceed, they will then notify everyone who noted interest that a closing date has been set

10

Does a selling client need to set a closing date?

NO - custom and practice, rather than legal
The seller is free to accept any offer
where a client has instructed to cancel the closing date and accept an offer submitted in advance of it unless the closing date is brought forward giving those who noted interest a chance to offer - should withdraw from acting

11

How to help a client decide the right bid?

Ensure they have access to the required money (no delays etc)
produce statement for them showing how much money will be required
check if they can afford it overall (tax etc)
check the lending arrangements

12

Where can you find a client's title deeds?

Obtain mortgage account details or access other information and request the titles to be sent to you
- if title is still in Sasines, or if a Land Certificate or Title sheet has not been produced, check through the title to make sure that everything that will be required is there
Ask Millar & Bryce

13

What other documents before dealing with a formal offer?

PEC - roads, sewage etc
Planning and building warrants
Planning permission
Completion Certificates
Coal Mining Report

first registration? Legal Report

14

Significance of Matrimonial Homes Act and Civil Partnership Act to conveyancers?

Home in joint names? irrelevant
only when title is in the name of one spouse or civil partner will the act apply
to protect spouses and children
Solicitors should establish relationship status of the seller - consent needed early if spouse does not have title

15

Document needed for single person selling house in sole name?

check relationship
statutory declaration

16

Document needed for grant of security by a lady who is separated over her new home? estranged husband in old matrimonial home

no impact on him so acts have no affect

17

Document needed for standard security over matrimonial home
(a) joint names
(b) sole name

(a) common law joint ownership applies
(b) wife's consent required

18

Document needed for sale by man who just got married. husband moved in after

depends if they have lived together for more than two continuous years

19

transfer of husband to wife of his share of matrimonial home after divorce

renunciation