What do you need to include the “Property” box of a TR1?
The property address.
What should you to include in box 11 (Additional provisions) of a TR1?
Any important information not falling under previous panels.
Normally:
- Creation of new covenants or easements,
- Appointment of a second trustee for overreaching.
What should you include in the Execution box of a TR1?
An attestation clause explaining how the document has been validly executed.
The required signatures.
Who must execute a TR1?
Transferor must always execute,
Transferee must execute if there is a trust of land being created, or they are providing an indemnity covenant.
How can an individual execute a TR1?
An individual signs the transfer in the presence of an independent witness who also signs and prints their full name and address.
How can a company execute a TR1?
Signed by two directors or one director and the company secretary;
Signed by one company director and witnessed by an independent witness;
Signed by a senior employee who is authorised under a power of attorney.
How do you draft an occupier’s consent clause in a contract of sale?
“The Occupier agrees with the Seller and Buyer, in consideration of their entering into the contract, that the Occupier concurs in the sale of the Property on the terms of this contract, undertakes to vacate the Property on or before the Completion Date and releases the Property and any included fixtures and contents from any right or interest that the Occupier might have.”
