Agreements for sale of commercial property The Standard Commercial Property Conditions (First Edition) were published in May 1999. At that stage, it had become clear that the Standard Conditions of Sale required considerable amendment to meet the realities of a commercial property transaction, particularly with regard to insurance, passing of risk and late completion. The Second Edition (2nd edition—Encyclopaedia of Forms and Precedents vol 38(1)) came into force on 1 June 2004 and these conditions were incorporated into many contracts for the sale and purchase of commercial property. The current edition is the Third Edition—2018 Revision (Third Edition). However, it is extremely rare for the SCPCs to be incorporated unamended. Most contracts exclude a number of conditions and substantially amend others. Part 1 and Part 2 conditions Part 1 comprises SCPCs 1–12 and covers the main terms of the contract, such as incumbrances affecting the property, title, insurance and completion. The Part 2 conditions only apply if expressly incorporated into the contract and cover VAT, Transfers as a Going