Death of the seller or buyer between exchange and completion


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Property expert
Practice notes

Death of the seller or buyer between exchange and completion


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Property expert

Practice notes
imgtext

This Practice Note sets out an explanation of the legal position should the buyer or the seller of residential property die following exchange of contracts but before Completion. It considers what action should be taken, as well as what happens if the seller/buyer consists of two or more individuals (joint tenants or tenants in common) and only one of them dies. It assumes that the sale contract incorporates the Standard Conditions of Sale (5th edition, 2018 revision) (SCS)—see Practice Note: The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions. It covers the position where the parties are co-owners buying or selling for themselves, but does not cover the position for other trusts of land. For guidance on trusts of land, see: Trusts of land for property lawyers—overview.

Devolution of title—vesting in Personal representatives

On the death of a sole buyer or seller, the interest of the deceased in the property passes to their personal representatives (PRs) (eg either the executor(s) or administrator(s)). Where there is a Will, that interest vests

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Completion definition
What does Completion mean?

means completion of this agreement in accordance with clause[s] [insert number of the clause(s) dealing with completion of the agreement];

Read more readmore

Popular documents

Contracts for the sale of land—formation, signature and variation

Contracts for the sale of land—formation, signature and variationIntroductionA contract for the sale, or other disposition, of an interest in land is void unless it complies with section 2 of the Law of Property (Miscellaneous Provisions) Act 1989 (LP(MP)A 1989). This provides that it must:•be in

Title guarantee and covenants for title

Title guarantee and covenants for titleOn the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a

Establishing a beneficial interest (joint ownership)

Establishing a beneficial interest (joint ownership)Where two or more people together own real property, they hold it under a trust of land. Where property is held on a trust of land, the legal estate and equitable estate are separate. The legal estate must be held by the co-owners as joint tenants.

Resulting trusts

Resulting trustsResulting trusts represent one of the three types of trust which do not require to be declared or evidenced in writing. The others are constructive and implied trusts, although it is perhaps doubtful whether there is any form of implied trust which is not in fact either a resulting