Acquisition of a commercial property portfolio (buyer)—exchange of contracts
Acquisition of a commercial property portfolio (buyer)—exchange of contracts

The following Property guidance note provides comprehensive and up to date legal information covering:

  • Acquisition of a commercial property portfolio (buyer)—exchange of contracts
  • Ready to exchange?
  • Exchange of contracts
  • Immediately after exchange
  • Is it necessary to register the sale contract?

Ready to exchange?

Check that:

  1. all pre-contract enquiries have been satisfactorily dealt with and search results received. If the due diligence has been prolonged, asking the seller to confirm just prior to exchange of contracts that the replies to enquiries do not need updating

  2. you are holding the sale contract signed by the buyer and the deposit, if any, in cleared funds-see Practice Note: What are the signature requirements for contracts?

  3. the buyer has reviewed the report on title, the valuations, the building surveys and any other third party reports and has authorised exchange

  4. if the buyer is acquiring property with finance, as far as possible, the form of the condition precedent documentation is agreed with the lender and the facility agreement is in place, and

  5. wher