The following Property guidance note Produced in partnership with Rachel Oliphant of Pinsent Masons provides comprehensive and up to date legal information covering:
This Practice Note considers the different stages in transactions for the sale of commercial property in England and Wales compared to those in Scotland, at pre-contract, contract, post-contract, completion or settlement and post-completion or settlement stages.
The table below highlights the key steps in each stage of a commercial property sale transaction in each jurisdiction taking a very simple transaction with no funding involved.
buyer raises pre-contract enquiries of the seller
buyer carries out due diligence ordering all necessary searches (such as official copies, land charges searches, coal mining reports, local authority search and enquiries etc), see Practice Notes: Standard pre-contract searches and Additional pre-contract searches
seller issues draft contract which will incorporate standard conditions of sale
parties negotiate draft contract
buyer carries out official search with priority, see: Pre-completion searches—checklist
seller provides buyer with title pack including copy title sheet if the title is registered or title deeds if the title is not registered and all necessary reports and searches
buyer carries out due diligence raising specific enquiries of the seller, see Practice Notes: Investigating title in Scotland—searches and enquiries—the basics and
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