¾«Æ·¹ú²ú×ÔÏßÎçÒ¹¸£Àû

Due to the increasing practice of purchasers’ solicitors not personally attending at the offices of vendors’ solicitors for completion of sales, the Conveyancing Committee has been asked to provide guidelines on how to address the difficulties for:

1. Purchasers’ solicitors in parting with possession of purchase monies (which may include loan proceeds, in respect of which the purchasers’ solicitors will have
   given undertakings to lending institutions) before they receive title deeds to the property being purchased, and
2. Vendors’ solicitors in parting with title deeds (in respect of which they may have given undertakings/accountable trust receipts to lending institutions)before they receive the balance of purchase monies due to complete the sale.

The committee has decided to deal with the matter by way of amending the existing provisions of General Condition 24 of the current Law Society General Conditions of Sale 2001 (Revised) Edition. The text of the revised General Condition 24 is set out in this practice note, and practitioners should familiarise themselves with these changes.

The revised wording of General Condition 24 will be implemented in the next print run of the current edition of the General Conditions of Sale, pending the introduction of the next edition of the standard document. Pending the next print run, a Special Condition should be used to incorporate the revised wording of General Condition 24 into the standard contract.

Please click here to view the new General Condition 24 of the Law Society General Conditions of Sale 2001 (Revised) Edition.