The five stages of a freehold transaction, from instruction to registration — the framework into which every conveyancing rule fits.
Until contracts are exchanged either party can walk away, and the buyer takes the property as found — so the structure of the transaction determines where risk sits and when it shifts. This chapter begins with the principle of caveat emptor and the seller's limited duties of disclosure, then moves through the pre-contract stage: searches, enquiries and the deduction and investigation of title in both registered and unregistered land. It covers the statutory formalities for a valid land contract and the role of the Standard Conditions, the effect of exchange and the protective steps taken before completion, and the requirements for a valid transfer deed and the moment the legal estate passes. It closes with notices to complete and the remedies for failure to complete, before turning to post-completion duties — SDLT or its Welsh equivalent, registration deadlines, and the discharge of the seller's mortgage.
