The contract terms that govern a land sale — deposit, title guarantee, passing of risk, VAT and the remedies available when completion fails.
Between exchange and completion, the standard conditions allocate every risk and obligation, and each term carries consequences if things go wrong. This chapter starts with the formalities of a valid land contract, the effect of exchange, the deposit and its holding arrangements, and the default position on completion dates. It then moves through the passing of risk and the fixture–chattel distinction, the seller's duty over incumbrances and the three levels of title guarantee, and the VAT treatment of property sales including the option to tax and transfers of a going concern. It finishes with the notice to complete, the remedies that follow breach, the effect of entire agreement clauses on misrepresentation claims, and the limitation period for suing on the contract.
