• Subject To Contract

    By Guest on 25th Oct 2014

    Hi my name is Steve we have received a letter from their solicitors and their are 2 things I am not sure of the first is - With regard to the revised Transfer this is not approved as it will need to be executed by your client ( presume ly us ) as she entering into an indeminty covenant. Please let us have a revised Transfer containing an execution clause for your client. We are not sure what it means

  • 1 Answers

    By Guest on 29/12/2014


    The transfer deed (TR1) only needs to be signed by the seller to allow the Land Registry to registry the change of ownership but if the buyer is entering into a covenant (such as an indemnity covenant) with the seller then the buyer needs to sign it to make that covenant binding. An indemnity covenant is an agreement that the buyer will comply with the covenants affecting the property and indemnify the seller against any future breach. It is entered in panel 11 of the TR1. So you are being asked to add to the TR1 a signature clause for the buyer and to make sure it is signed.

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