Property Purchase Process

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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 (C)</p> Signup and view all the answers

What is the purpose of exchanging contracts?

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

Which document is drafted in duplicate?

<p>Agree form of contract (D)</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 (B)</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 (A)</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 (D)</p> Signup and view all the answers

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

<p>Negligence (D)</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 (B)</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 (C)</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 (D)</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 (A)</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 (D)</p> Signup and view all the answers

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