We will explain how we do this below and what our specialists will do for you;
1. Initial steps if we are acting for the seller we will take the following steps;
1. discuss the tax implications of the transaction with the seller; identify the relevant taxes, structure the deal and minimize tax and quantify the tax payable.
2. get copies of the title. If an existing lease is being transferred, including the lease (and any supplementary documents e.g. landlords consent.
3. commission any searches and surveys (e.g. environmental survey for contaminated land which the seller intends to provide for the buyer.
4. obtain replies to the standard enquiries from the seller.
5. draft the contract dealing with any issues arising from the title, planning (e.g. conditional on grant of a specific permission or overage) or contamination (selling with knowledge; unanticipated additional costs)
6. if a new lease is being granted, draft the lease in accordance with instructions from the client on the matters covered.
7. Issue the contract, title and enquiries, searches and surveys (the contract package ) to the buyer.
If we are acting for the buyer we will;
1. Discuss the tax implications of the transaction with the buyer, identify the relevant taxes, structure the deal to minimize tax and quantify the tax payable.
Once the buyers solicitor has received the contract package s/he will:
- commission (or advise the buyer to commission) any searches and surveys appropriate to the transaction not supplied by the seller.
- consider the sellers title and raise any questions on the title with the seller. The contract will 'ban' such questions after exchange of contracts, so all these questions have to be asked now N.B. If an existing lease is being sold this includes any questions about the lease.
- raise appropriate enquiries of the seller on matters not dealt with in the pack supplied by the seller or the searches and surveys. This may involve also asking the seller's solicitor to respond to the Solicitor's Title and Exchange Requirements form (STER) which is part of the CPSE suite.
Call today to book an appointment for a free legal advise and talk to our specialist on the matter.
Source: CLT Scotland Paralegal Handbook