15 Questions
Which form of contract must be agreed upon between the seller and the buyer?
Agree form of contract ## BS
What happens if the buyer does not complete on the day of completion?
They will lose their 10% deposit
What must the solicitors ensure in terms of completion dates?
Everyone in the chain has the same completion date
What is the consequence of the seller not completing the transaction?
Contractual losses and costs the buyer has incurred
What is the purpose of exchanging contracts?
To make the transaction legally binding
Which document is drafted in duplicate?
Agree form of contract
What happens if the buyer does not complete on the day of completion?
They will lose their 10% deposit
What is the purpose of obtaining the redemption figure for the existing mortgage?
To confirm buyer's financing
What must the solicitors ensure in terms of the completion date?
Everyone in the chain has the same completion date
What is the consequence of not having the client's express authority to exchange contracts?
Negligence
Which of the following is a requirement for a valid will?
The testator must have had mental capacity when the will was made
How is mental capacity of the testator assumed in relation to a will?
It is assumed that the testator had mental capacity unless someone challenges the will
What does the test for mental capacity (CL Test) require the testator to understand?
All of the above
When is the material time to assess capacity for executing a will?
At the time of signing the will
What is the exception to having mental capacity at the time of executing a will?
Having mental capacity at the time of instructing the will but not at the time of executing
Quiz: Understanding the Steps in a Property Purchase Transaction Test your knowledge on the various steps involved in a property purchase transaction. Learn about obtaining redemption figures for existing mortgages, confirming buyer's financing, agreeing on contract forms, and getting necessary authorities from clients. This quiz will help you understand the important aspects of a property purchase process.
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