BUYING AND SELLING COMMERCIAL PROPERTY PROFESSIONAL ENGLISH IN USE FOR LAW

 

PROFESSIONAL ENGLISH IN USE FOR LAW 40. BUYING AND SELLING COMMERCIAL PROPERTY

 

A Commercial conveyancing Nina Kahn, a solicitor specialising in commercial property, is talking to a foreign client about conveyancing – the transfer of the ownership of property. ‘The principle of caveat emptor applies to the transfer of property in the UK. Contract provisions reinforce this by acknowledging that the purchaser has had an opportunity to make full investigation of the title, that is, the right of ownership, and to check the property’s physical condition and any other factors which might affect the property and its intended use. B Sale by auction ‘If the sale is to be the auction, a legal pack, prepared by the seller’s solicitor, will be available to prospective purchasers. It will contain the special conditions and the auction conditions relating to the sale, as well as copies of appropriate searches – documents which prove inspection of records, for example about land use and restrictions on its use, such as Local Authority searches and environmental searches. It will also contain planning permissions, warranties, or guarantees, and other documents relevant to the property and to the transfer of ownership, such  as investigation, or legal evidence, of the seller’s title to the property. C Sale by private treaty ‘In a sale by private treaty, the seller and the purchaser may negotiate detailed terms, either directly or via agents. The purchaser will consider searches instructed by his solicitor. A full survey may be instructed and the seller will be asked to provide replies to pre-contract enquiries, for example about the property’s physical state and the property’s boundaries. EXERCISES 40.1 Complete the definitions (1-7) then use appropriate words to complete the extract from the auction property particulars below (a-c). look at A and B opposite to help you. 1. _________________ law and procedures relating to the sale and purchase of property 2. _________________ property sold at auction 3. _________________ the right to hold property 40.2 Choose the correct word or phrase in brackets to complete the sentences. Look at C opposite to help you. 1. The (purchaser/ seller/ solicitor) considers searches 2. Parties may (complete/ rescind/ exchange) the contract in the event that the conditions have not been achieved. 3. A (full survey/ pre-contract enquiry/ sale agreement) is drafted by the seller’s solicitor. 40.3 Re-order the sentences in 40.2 above to describe chronologically the possible procedures in a sale by private treaty. Use the linking phrases below. Some activities may take place around the same time. The first one has been done for you.

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