Standard terms and conditions feature in both the area of residential conveyancing and commercial property. Contracts for residential conveyancing incorporate the Standard Conditions of Sale Fourth Edition. Commercial property contracts often incorporate the Standard Commercial Property Conditions, Second Edition.
Some of the benefits of using standard terms and conditions are listed as follows:
- They serve as a cost effective way of setting out a businesses’ statement or policy as to how it goes about business and avoids the need to have to repeat a lot of information time and time again in any business negotiations or contract. This is also the case for a contract relating to a residential property transaction.
- They allow a business/individual to address key areas of concern to them e.g. completion, delivery and the timescales, price, payment terms, liability, warranties, guaranties etc.
- They provide a level of certainty (being an agreement in writing) in relation to the business matter or property being transacted.
If you need advice on a commercial or residential property transaction, then get in touch with a member of our Commercial Property team.