Podcast Location:
Download it here [file size: 18.5 MB]
Categories:
Residential Property
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast aims to introduce the listener to some of the key issues to consider when a property sale is imminent with respect to the buyer's deposit. Attention is given to standard practice and the standard terms of sale relating to real property. Consideration will also be given to the the factors that may influence a deviation from the standard provisions and the consequences for each party if there is a failure to complete the conveyance.

Outcomes:
After completing the course you will:
  • Understand the important disctinction between paying a deposit to the seller's agent and paying to a stakeholder ;
  • Know how much a deposit is supposed to be and what consequences flow if the sale contract specifies a different amount;
  • Be aware of the standard provisions relating to the payment of a deposit found in the Standard Commercial Property Conditions and Standard Conditions of Sale;
  • Understand which of the above standard terms may need amendment depending on the circumstances of a sale ;
  • Understand the difference between the Standard Commercial Property Conditions and Standard Conditions of Sale;
  • Know the methods by which a deposit is generally paid over to the vendor;
  • Understand the parties' rights to rescind the contract and what impact that and insolvency have upon the recoverability of the deposit;
  • Be aware of what happens if there is no deposit specified in the agreement;
  • Be aware of the the impact of s49(s) Law of Property Act 1925.
Level:
Intermediate Difficulty: 3 of 5
Classification:
Legal Principles
Practical Guide
Sources and References:
  • Calgary and Edmonton Land Co Limited v Dobinson [1974] Ch 102;
  • Donelly and others v Weybridge Construction Limited [2006] EWHC 348;
  • Workers Trust and Merchant Bank Ltd v Dojap Investments Ltd [1993] 2 All ER 370;
  • Standard Commercial Property Conditions;
  • Standard Conditions of Sale;
  • Ng & Anor v Ashley King (Developments) Ltd [2010] EWHC 456;
  • Groveholt Limited v Hughes [2005] EWCA Civ 897;
  • Law of Property Act 1925 s49(2);
  • Aribisala v St James Homes (Grosvenor Dock) Limited, [2007] EWHC 1694;
  • Midill Limited v Park Lane Estates Limited (1) and Another (2) [2008] EWCA Civ 1227.
Tags:

This podcast addresses some of the issues to consider when drafting and negotiating deposit clauses in contracts for the sale of real property and will be of relevance to all those in conveyancing.

Podcast added: 28/04/10

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