Task 1:
Introduction:
The problem in the paper relates to the acquisition of the property by
the plaintiff. The defendant has agreed to buy the property at the stipulated
price. The dispute pertains to the transfer of the ownership of the property.
Discussion
The due diligence check of title of property by in 15 Green Hollywood includes
following things
1. The seller title to the property to guarantee
that the purchaser will acquire a decent and attractive title
2. The degree of any lawful rights,
confinements, commitments, liabilities and dangers connected with the
property.
3. Some
other lawful liabilities or commitments coming about because of the buy.
The checklist of due diligence check is long lasting but some of main
areas of check are as follows
• Client Authorization
Letter
• Signed Letter of Intent
• Investment Committee
Presentation and Approval
• Request/get Due
Diligence Materials
• Portfolio Manager
Authorization Letter
• Obtain/survey
completely executed buy contract
• Deliver duplicate of
completely executed Contract into escrow
• Obtaining
Actions/Documents
• Independent Contract
Consideration to Seller
• Compare costs to
original building information
• Receive/survey past and
planned capital changes
• Confirm property visit
by Asset Management and Management Committee part
• Confirm that all
customer particular procurement prerequisites are met
• Issue move update to
Asset Management, Property Management and Accounting (if appropriate
• Select Property
Management organization
• Finalize Property
Management Agreement
• Verify money related
terms of Property Management Agreement are reflected in proforma
• Select renting
organization
• Verify Service
Contracts are at business sector
• Verify no question with
specialists, suppliers or workers
• Verify no current or
mulled over work strikes
• Verify all commitments
and exchange lenders being paid in typical course
• Review Property
administration records
Legal Precept
The property law state the owner of the property must mention the title
of the property at the time of the purchase agreement. The sale deed of the
property must be accompanied by the transfer of the title.
Conclusion
It is concluded that the defendant must get the title of the land
transferred to his name.
b) Introduction:
The term ‘subject to contract’ has been disputed owing to the contract
clause. The case relates to the dispute in the given scenario.
Discussion
The phrase “subject to contract” in particulars of sale of 15 The Green,
meant by the Konny and Peterson’s refers to legal agreement between two parties
for sale or exchange or property on agreed terms and conditions. It states that
as per terms and conditions of contract both parties at this stage can’t step
back from terms and conditions and considerations have to be paid in accordance
with terms of exchange contract (B v DPP , 2000) . In the case when one
party has breached the terms of contract the other party can sue him and take
him to court for complete accomplishment as per set conditions and
requirements. Subject to contract clauses the formalities and procedure is done
by buyers at preliminary and contract stage (Tuberville v Savage, 1969) .
Conclusion
Payment settlement methods are further negotiated, payments have to be
cleared within set period of time and property right has to be transferred from
seller to buyer and everything has to be done according to the subject, terms
and conditions of contract.
Introduction:
Legal Precept: The sale of a contract requires three basic conditions
for fulfillment in order to give legal authenticity to a contract.
1. There must be one seller and one buyer
2. Both parties to a contract must be willing to
act as per terms and conditions of sales contract
3. There must be consideration to be paid by
buyer and property given in return to it
For exchange of a contract the following conditions must be fulfilled.
• The seller have
concurred on an offer, including for installations and fittings
• There must be loan
valuation and any overviews seller needs
• The buyer must have
been formally offered a consideration in exchange of a contract
• The expert or
specialist by buyer has done every applicable pursuit
• One must have composed
building protection. After you trade contracts, you are at risk for the
property, thus to have structures protection set up before hand
• The seller have
concurred on a date of payment for the deal, which will be built into the
agreement
• The seller should have
perused, comprehended and marked the agreement
Law society formulae B will be used in this exchange of contact as the
seller holds only his own signed part of contract (DPP v
Santana-Bermudez, 2003) . This is the most regularly utilized
strategy. Every specialist holds his own particular customer's an agreement's
piece and one phones the other. e) Sale of fixtures and fittings
Fixture and fitting are categorized as assets which are installed in a
building, factory or land in such a way that it becomes a part of building or
factory (National Audubon Society v.
Superior Court, 1983.) . Fixtures and fittings are installed at
a building or land in such a way that they can be removed without any damage or
serious impact. Fixture and fittings are moveable assets which are installed in
order to accomplish specific purposes such as production of specific items, for
proper functioning of other assets etc., (People v. Watson, 2003) . They experience the
agreement to check they are indistinguishable and on the off chance that they
will be they concur that the agreement are traded (Gibbins and
Proctor, 1918) .
The purchaser's specialist should then promptly send the store, more often than
not by customer record check, to the seller's specialist.
In this case curtains and big antique table are furniture which has to
be sold separately or as per terms and conditions of contract. In case the
buyer wants to take the possession of furniture as well, additional
consideration has to be paid otherwise it can be sold by seller.
Task 2:
Introduction
The
exchange's terms deed ought to be such that they mirror the conditions
determined in the agreement; no new statement can be presented at this stage.
This exchange deed is then confirmed and endorsed by the merchant's specialist
who informs his agree to the purchaser's legal advisor when answering to the
demands. The exchange deed can likewise be immersed at this stage; i.e. setting
up a duplicate including any concurred corrections.
The enquiries related to exchange or sale contract comprises of
searches, surveys and other market analysis in order to save oneself from
further loss (National Audubon Society v.
Superior Court, 1983.) .
Searches
Searches or pre contract searches are essential preliminary activities
buyer has to perform in order to have an idea about worth of property. The
searches are to be done by buyer by taking into account fair value of assets
and property (People v. Watson, 2003) . The net book value
of property or patent decrease with time due to depreciation and amortization
processes
Surveys
Surveys are market analysis done by buyer from different market
regarding value and market price of a property or asset. Surveys are market
analysis done by experts which are one concerned regarding gathering of
evidence for authentic market value of property (DPP v K,
1990) .
The net book value of a property varies with time as compare to its fair market
value. Net book value always goes down where as fair value may fluctuate
according to demand and supply trends (DPP v Santana-Bermudez, 2003) . Surveys have to
make by market analysts and experts in order to determine correct value of a
property and to ensure a buyer that the sales and exchange of contract is worth
it. . Searches help buyers to make market analysis for profitable conveyance
contact and for reasonable sale and purchase. Searches help buyers to make a
complete analysis of exchange contract and to gather complete knowledge about
property and its market value for further sale or lease in future.
Preliminary Enquiries
Pre contract investigations and studies are helpful for making prudent
decisions at the end of buyers. Sellers try to show positive sides of property
and buyer assumes that there are some hidden facts regarding life of machinery
or its title authenticity which seller may hide in order to make sale confirmed (Tarasoff v.
Regents of University of California, 1976) . Preliminary
enquiries are initial stages of conveyancing contract which help in making
pre-sale arrangements in order to save buyer from loss and seller from bad
name.
Environmental search should be embraced to guarantee no administration
office or neighborhood power has any case against the area and all rates and
assessments have been paid. A natural hunt indicates whether a property has
been based on a landfill site or whether it is prone to be influenced by
contamination for whatever other reason (Fagan v Metropolitan Police
Commissioner, 1975) . This sort of quest is vital for two
reasons. Firstly most purchasers will need to know whether the house they need
is prone to influenced by poisons in the dirt et cetera (Fagan v
Metropolitan Police Commissioner, 1975) .
Besides a proprietor of area is currently obligated to tidy up their
land in the event that it is influenced by poisons that can drain out onto
neighboring area, so purchasing contaminated area can prompt substantial
budgetary misfortune. The natural inquiry additionally gives data as to the
probability of flooding or subsidence in the zone where the property stands.
The natural pursuit is a profoundly specialized report and anybody other than a
surveyor or basic architect would think that it’s hard to get it (DPP v
Santana-Bermudez, 2003) .
Conclusion
It is concluded that the organizations that give natural inquiries offer
protection so that, if the pursuit neglects to caution you to a vital
ecological variable and you endure misfortune thus, you will get remuneration
from the insurance agency. Extra ventures, for example, a Commons Registration
Search or mining hunt may be fundamental, contingent upon the property's area.
In
order to check the capacity of hat Kanton Luther and Martha Pangen to convey
road to clients, following document checks has to be made
·
Transfer Certificate of property
·
Original certificate of title in the name of
dealing parties
·
Duly sealed contract or exchange agreement
with signs of sellers
·
Physical
and environmental enquiries (Gibbins and Proctor, 1918)
·
Transfer Certificate of property
·
Original certificate of title in the name of
dealing parties
·
Duly sealed contract or exchange agreement
with signs of sellers
Task 3:
Documentation
requirements: After consideration has been payed and property is duly vacated by
seller, the next step is to complete the documentation requirements and signing
up the document to transfer the title to buyer (Stone and
Dobinson, 1977) .
The documentation requirements have to be completed in the presence of
witnesses and buyer and signatures of all parties are duly required. In order
to enable seller and buyer proceeds the sale and purchase following documents
have to be signed (Stone and Dobinson, 1977) .
Requisition
of sale document: Demands on Title of Tulsi Mencki are inquiries regarding the property the buyer
is qualified for request that the seller see whether buyer knows anything that
may not be right with the title to the area (Fagan v Metropolitan Police
Commissioner, 1975) . The buyer sends Requisitions on Title
to the dealer's specialist inside of 21 days from the agreement's date.
Contract
draft: As the purchaser's conveyancing specialist is sending the demand to
buyer, he readies a draft exchange deed to Tulsi Mencki and sends it to the
vender's specialist for approbation. An exchange deed alludes to an
understanding where both sides consent to do the agreement. In this way, the
exchange assertion initiates the agreement and brings the terms and conditions
alive (Stone and Dobinson, 1977) .
b) Transfer
of Property ownership document
After completion of whole process or agreement, the seller and buyer
sign transfer deed and submit paper at office of transfer attorney. After
submission
·
Both parties
send their original documents for authentication purpose to concerned
authorities
·
Buyer
has to pay transfer duty charges and other related expenses
·
The
bond attorney after receiving guarantee from cancellation attorney, who later
sends the documents to transfer attorney for final transfer of title to buyer
ownership
c) Tulsi Mencki should encourage buyer to take legal advice in order to
prove authenticity of property and its market value (Stone and
Dobinson, 1977) .
The selling party has to make sure to buyer that the property has the same fair
value as presented in documents in order to avoid any litigation of claim of
misrepresentation after sale. Advice from lawyer gives legal identity to value
of property and buyer can’t claim loss of fraud committed by seller after the
market goes down for the property due to any other reason.
(I)
AP1: In case contract of sale has made for a property or asset which is duly
mortgaged OR otherwise, it has to be first cancelled in terms of mortgage then
it can be transferred to any other party (People v. Watson, 2003) . The seller has to
complete change in name of property owner in terms of mortgage by cancelling
his own name in the books of registrar. Form AP1 is required to file in order
to change the name of owner of property upon selling or exchange or contract in
the name of new owner of property.
(II)
DS1: This form is to be used as a continuation sheet along with AP1 or DS2
and can’t be used individually. As
per set terms and conditions between seller and buyer, if the property is in
the use of seller, buyer gives a reasonable time frame in order to get the
property ownership cancelled by previous owner (DPP v K,
1990) .
Sometimes at the time of sale of property, the asset is duly rent out to third
party and the lease or rent agreement may last longer after transfer of title. This
form is presented as a request to registrar to cancel the ownership of seller.
(III)
SDLT5: After documents are duly completed and terms are agreed
between both parties, the title documents will be presented to registrar for
stamping and authentication process. Stamping can be done manually or through
online system called e-stamping (Fagan v Metropolitan Police
Commissioner, 1975) . Stamping process is comprised on two
level processes
First is
initial stamping of agreement. Second is subsequent stamping of agreement
Form SDLT5 is used
for stamping procedure and for payment of online stamp duty in lieu of property
transfer procedure.
Bibliography
B
v DPP , Docket No. L.A. 29651. (Royal Courts of Justice November 7, 2000).
DPP
v K, Docket No. 45149 (Supreme Court of UK Feb 21, 1990).
DPP
v Santana-Bermudez, Docket No. L.A. 29820. (Supreme Court of UK August 30,
2003).
DPP
v Santana-Bermudez, Docket No. L.A. 30520. (Supreme Court of UK December 27,
2003).
Fagan
v Metropolitan Police Commissioner, Docket No. Sac. 7981 (Royal Courts of
Justice January 20, 1975).
Gibbins
and Proctor, Docket No. S006987 (Supreme Court of UK July 9, 1918).
Harrow
London Borough Council v Shah , Docket No. S012525 (Royal Courts of Justice
November 15, 1999).
National
Audubon Society v. Superior Court, Docket No. S.F. 24368. (Supreme Court of UK
February 17, 1983.).
People
v. Watson, DPP v Santana Bermudez (Supreme Court of UK July 3, 2003).
Stone
and Dobinson, Docket No. S023721 (Court of Appeal in London May 20, 1977).
Stone
and Dobinson, Docket No. L.A. 30824. (Court of Appeals London Dec 3, 1977).
Tarasoff
v. Regents of University of California, 17 Cal.3d 425 (1976) (Supreme Court of
California July 1, 1976).
Tuberville
v Savage, Docket No. L.A. 30277. (High Court of Justice March 31, 1969).
