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WorksheetsExchange and Completion
Total questions: 12
Worksheet time: 24mins
What are the 3 formula's for exchange of contracts?
A
D
C
E
B
What documents do you send to the sellers solicitors on exchange?
Signed Contract
Signed Transfer
Deposit
Signed Declaration
Fixtures and Fittings List
Before exchange of contracts what should you check in your call to Lender?
That we have signed Mortgage Deed
That the COT has been received
How much the mortgage advance being sent is?
That the mortgage offer is still valid?
If all special conditions have been complied with?
Who do we call on completion of a purchase once keys are released?
Sellers solicitors
Client
Recommender
Lender
Estate Agent
Who do we call on completion of a sale once monies received?
Buyers Solicitors
Estate Agent
Recommender
Client
Lender
What documents do we add to the File Handover for Post Completion?
Signed Transfer
Signed Deed of Covenant/ Deed of Trust
Signed Mortgage Deed
Indemnity Policy/ RX1
Second Charge
What documents are sent to the client on Registration?
Certificate of Registration
OC2
Planning permissions and Building Regulations approval
Indemnity Insurance
Original Guarantees/ Warranties
If you exchange contracts after 4pm what should you do?
Immediately run exchange letters and put in post tray
Nothing I can do the letters tomorrow
Vary the formulae for exchange of contracts
Ask solicitor if we can send the contract the next working day
The contract time on your purchase is 2pm and in your call to exchange on your sale the solicitor asks to delete special condition 5. Can we accept this?
Yes
No
What is special condition 5?
You call to exchange contracts and the solicitor advises that they only have nominal deposit available. What should you do?
Continue with the Exchange
Refuse deposit and exchange and insist they ask their client for more money
Stop the exchange as you need to take client instructions regarding the reduced deposit and check with your related
What should you advise your client about serving Notice to Complete?
The otherside will be liable to pay interest under the notice
The contract will rescind after 10 working days if the otherside do not complete
If they are not ready, willing and able to complete within the Notice Period the Notice will reverse back on them and they will be liable for damages
You do not need to serve notice in order to claim interest
By serving notice it will force the otherside to complete
What documents do we send to the buyers solicitors on completion?
Signed Contract
Signed Transfer
Indemnity Insurance
Original supporting documents
Title Deeds
