Property Conveyancing Practice Exam || With Questions & 100% Accurate Answers
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Course
Conveyancing
Institution
Conveyancing
Property Conveyancing Practice Exam || With Questions & 100% Accurate Answers
Property Conveyancing Practice Exam || With Questions & 100% Accurate Answers
What is conveyancing? - ANSWER - the legal process by which the legal title of a property is transferred from the current owner to the ne...
Property Conveyancing Practice Exam
|| With Questions & 100% Accurate
Answers
2024
CONCEPTIAL RESEARCH
conceptialresearch@gmail.com
, Property Conveyancing Practice Exam
|| With Questions & 100% Accurate
Answers
What is conveyancing? - ANSWER - the legal process by which the legal title of a
property is transferred from the current owner to the new owner.
What does "caveat emptor" mean? - ANSWER - "let the buyer beware" - meaning
the buyer of a proper us under a duty to look for issues with the property
In what situations would it be okay to act for two or more parties in the same matter?
- ANSWER - - two people selling their house
- two people buying a house
- business partners taking a new lease of commercial premises for their business,
and lender and buyer in the same transaction
When a solicitor is instructed by more than one party in a transaction, what must
they do? - ANSWER - They must contact all the parties to confirm instructions.
If the transaction is pre-exchange, is it legally binding? Is there a penalty for
withdrawal? - ANSWER - No and no
If the transaction is post-exchange, is it legally binding? - ANSWER - Yes
The first stage of conveyancing is pre-market - what is this? - ANSWER - this deals
with the marketing of the property and the agreement in principle to sell and buy
The second stage of conveyancing is pre-contract - what is this? - ANSWER - The
seller's solicitors will obtain a copy of their client's title, draft the contract and send
the contract package to the buyer's solicitors
The buyer's solicitos will conduct searches and investigate title
The fourth stage of conveyancing is pre-completion - what is this? - ANSWER - both
sides solicitors prepare to complete
all parties know the moving date
The five stage of conveyancing is completion - what is this? - ANSWER - date when
the buyer's solicitors will send the balance of the purchase money (90%) one this is
received, collection of keys
The third stage of conveyancing is exchange of contracts - what is this? - ANSWER -
the solicitors will exchange contracts on behalf of their client during a telephone call,
pay the 10% deposit - change hands via solicitor
the final stage of conveyancing is the post completion - what is this? - ANSWER -
time after completiong when buyers solicitors will pay any SDLT and register buyers
title at HMLR
, If you had obtained your client's title deeds and can now draft the contract, does this
indicate your client is the seller or buyer? - ANSWER - seller
If you have applied for the redemption figure regarding clients existing mortgage,
does this indicate your client is the seller or buyer? - ANSWER - seller
if you have sent enquiries raised to your client to comment does this indicate your
client is the seller or buyer? - ANSWER - seller
If you have received the draft contract package, does this indicate your client is the
seller or buyer? - ANSWER - buyer
if you have submitted the pre-contract searches, does this indicate your client is the
seller or buyer? - ANSWER - buyer
if you have requested oyur clients 10% deposit, does this indicate your client is the
seller or buyer? - ANSWER - buyer
What is the Law Society Conveyancing Protocol? - ANSWER - It is a statement of
best practice for conveyancing
For commercial transactions, what is the best practice protocol? - ANSWER - RICS
Code for Leasing Business Premises (1st ed, February 2020)
What are some stages that a seller's solicitor will complete pre-contract? - ANSWER
- - obtain title and drafts contracts
- send protocol forms to seller
- sends contract packages
What are some stages that buyer's solicitors will complete pre-contract? - ANSWER
- - receives contract package
- submits searches
- investigates title
- raises enquiries
- checks finances
- reports to client
There are three parts to the contract, what are they? - ANSWER - - particulars of
sale
- standard conditions
- special conditions
what might be included in particulars of sale? - ANSWER - - details of title
- property type
- title guarantee
- balance
- deposit
- contract rate
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