Property Purchase Process
15 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which form of contract must be agreed upon between the seller and the buyer?

  • Agree form of contract ## TS
  • Agree form of contract ## SS
  • Agree form of contract ## CS
  • Agree form of contract ## BS (correct)

    • What happens if the buyer does not complete on the day of completion?

  • They will have to renegotiate the contract
  • They will receive a penalty
  • They will lose their 10% deposit (correct)
  • They will be given an extension

    • What must the solicitors ensure in terms of completion dates?

  • Each party has their own completion date
  • Everyone in the chain has the same completion date (correct)
  • The completion dates are staggered
  • The completion dates are flexible

    • What is the consequence of the seller not completing the transaction?

    <p>Contractual losses and costs the buyer has incurred</p> Signup and view all the answers

    What is the purpose of exchanging contracts?

    <p>To make the transaction legally binding</p> Signup and view all the answers

    Which document is drafted in duplicate?

    <p>Agree form of contract</p> Signup and view all the answers

    What happens if the buyer does not complete on the day of completion?

    <p>They will lose their 10% deposit</p> Signup and view all the answers

    What is the purpose of obtaining the redemption figure for the existing mortgage?

    <p>To confirm buyer's financing</p> Signup and view all the answers

    What must the solicitors ensure in terms of the completion date?

    <p>Everyone in the chain has the same completion date</p> Signup and view all the answers

    What is the consequence of not having the client's express authority to exchange contracts?

    <p>Negligence</p> Signup and view all the answers

    Which of the following is a requirement for a valid will?

    <p>The testator must have had mental capacity when the will was made</p> Signup and view all the answers

    How is mental capacity of the testator assumed in relation to a will?

    <p>It is assumed that the testator had mental capacity unless someone challenges the will</p> Signup and view all the answers

    What does the test for mental capacity (CL Test) require the testator to understand?

    <p>All of the above</p> Signup and view all the answers

    When is the material time to assess capacity for executing a will?

    <p>At the time of signing the will</p> Signup and view all the answers

    What is the exception to having mental capacity at the time of executing a will?

    <p>Having mental capacity at the time of instructing the will but not at the time of executing</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser