What is a special condition in a contract?
What is a special condition in a contract?
‘Special conditions’ are additional conditions attached to a standard contract, and are normally included in contracts relating to the sale of a land. A solicitors advice can help protect your interest as either a buyer or seller.
How do you draft a special condition?
Four tips for drafting special conditions
- Include these elements. When drafting special conditions, consider the following and include all relevant details:
- Use clear language. The language used in drafting special conditions must be clear and unambiguous.
- Develop precedents.
- Transfer the risk.
What are special conditions contained in a contract for the sale of property by private treaty?
Typically, special conditions include things like: Issuing a notice to complete and the associated penalties – such as penalty interest payable by the purchaser if in default and additional legal fees, what is a reasonable time for completion if there has been a default.
What are special conditions of sale?
Contractual terms that are specific to each lot offered. These are generally not printed in the catalogue but will be attached to the contract.
What is a special condition?
Special conditions are supplementary conditions incorporated in a contract. Whether you are the seller or the buyer, to protect your interest it is advisable to consult your Solicitor to determine as to what conditions can be deemed ‘special’ for inclusion in the contract.
Why are special conditions included in a purchase contract?
Special conditions in your purchase/sale contract designed to provide certainty and protection These additional conditions or clauses in the contract are included to provide a party more certainty, protection and peace of mind when entering into a residential property transaction to either purchase or sell a property.
How to write special conditions in a real estate contract?
Get some legal advice about the wording of special conditions. Ensure the special conditions specify clearly what has to be done, when and by whom. Include the consequences if any special condition is not met. For example specify the fittings you want to remain in the property, such as curtains, pool equipment and light fittings.
What are the special conditions for the sale of land?
The sale of the land is subject to a tenancy. Authorising any person to accept the contract on your behalf by facsimile. Any repair that the parties have agreed to do. Approval of the sale contract by a nominated solicitor.
When to use the standard conditions of sale?
The contract incorporating the Standard Conditions of Sale (5th edition – 2018 revision) is designed for use in residential conveyancing transactions. This is a formal document, designed to create legal rights and legal obligations.