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The Royal Institution of Chartered Surveyors (RICS) Common Auction Conditions (see RICS—Auctioneers selling real estate (incorporating Common Auction Conditions) (7th edition)) make provision for the service of a notice to complete by either the seller or the buyer. Service requires the other to complete within ten business days, excluding the date on which notice is given, making time of the essence. There is no prescribed form. It mirrors the provision which is made, for example, in the Law Society’s Fifth Edition of the Standard Conditions of Sale. The RICS Conditions comprise General Conditions and Special Conditions.
The common law rule was that notice to complete had to stipulate a reasonable time for compliance. A court could decide however that in the circumstances of the particular contract, the period given was not reasonable, with the result that the notice would be invalid. The Law Society’s Standard Conditions of Sale make provision therefore for the p
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
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