Trainee Manchester Induction

What company do we use to order our searches?

• York Place

• Place York

• FlowSearch

• SearchFlow

Which one of these Teams is NOT part of the New Business Unit?

• Initial

• Processing

• Start

• Quotes

Answer explanation

Quotes Team - They provide the quotes to the client.

Processing Team - Get the file up onto our case management system known as Visual Files.

Start Team - Chase/assist the client with filling out the Starter Pack

What is the other name for the Property Information Forms that begins with a T?

Answer explanation

TA6 - Property Information Form

TA10 - Fittings and Contents Form.

I always remember as con'TEN'ts form. Sad I know.

Where does the occupier sign on the contract on the sale of a property?

• First page at the bottom right hand corner

• 2nd page, special condition5

• 2nd page, special condition 8

• 2nd page, special condition 12

Answer explanation

Special Conditions usually go 1 through 8 and the occupier will need to sign the contract to confirm that they will vacate.

What is included in the TA13? Hint... there's more than one correct answer

• Undertaking to pay off any charges on the property

• Confirming any allowances/chattels that have been agreed.

• Undertaking to send the TR1 to the other side on completion.

• Confirming where keys will be held on completion

What 2 things are different about the contract pack on the purchase of a property than on a sale?

MORE THAN ONE ANSWER....

• Source of funds form

• Stamp Duty Land Tax Declaration

• TA13

• No draft transfer from the other side

Answer explanation

Your Stamp Duty Land Tax Form and your Source of Funds Form are included within the Starter Pack not in the Contract Pack from the seller's solicitor.

What is a Formula A exchange?

• Where both solicitors hold their own signed contract and the deposit is held by the buyer's solicitor

• Where one solicitor holds both signed contracts and the deposit

• Where each party holds their own copy of the contract and the deposit skips from the bottom to top of the chain

• Honestly Jodie... I need more time to answer these questions.

Answer explanation

Remember my demonstration when I used Brandon and Anjum as examples.

Who do we notify when an exchange goes through on a sale?

MORE THAN ONE CORRECT ANSWER.....

• Mortgage Broker

• Lender

• Client

• Estate Agent

Answer explanation

We do not contact the lender on exchange but on completion when we have paid off the mortgage so that they can start the process of removing the charge.

Mortgage Broker - on a purchase not a sale.

From when we have issued the contracts on the sale, when does CST get the reminder to chase the buyer's solicitor up for enquiries?

• 3 days

• 5 days

• 7 days

• 10 days

Answer explanation

Please do not rely on CST to do your chasing for you. You should be chasing the solicitor yourself and providing your client with that progress update.

How many working days does it take for a cheque to clear?

• 2-3 days

• 4-5 days

• 6-8 days

• 10 days

Answer explanation

Please be careful when setting a completion date and a client is looking to pay by cheque that there is sufficient time for us to receive the document and get this cleared.