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tively, the said chattels and premises, specified in the schedule IV. Sale of
Heirlooms hereto annexed, shall be delivered over to the purchaser, or
by Tenant to any person or persons authorized by him in writing to for Life. receive the same at Hall aforesaid, and shall be removed therefrom by him or them at his or their own risk.
5. The vendor shall not be required to furnish any evi- Title. dence of his title to the premises, other than and except the said indenture of settlement, and the schedule, or inventory of the chattels held as heirlooms under the trusts of the same settlement. The said indenture of settlement and inventory may be inspected by the purchaser, or his solicitor, at the office of Messrs.
the vendor's solicitors, but the purchaser shall not be entitled to make or be furnished with any copy or abstract of the said indenture of settlement and inventory respectively.
6. [Purchaser to assume that notices have been duly given, ante, p. 424.]
7. The vendor will, at the expense of himself, or of the Vendor to settled estate, forthwith apply for and endeavour to obtain an order of
apply for order of the Court sanctioning the sale hereby agreed to be Court. made of the said chattels and premises; and unless such order shall have been obtained before the
day of 18—, this agreement shall be void, and thereupon the said deposit, with all interest actually accrued thereon, but without any further or other interest, costs, or compensation whatsoever, shall be paid to the purchaser.
8. [Contract not to bind vendor for a month after giving notice to trustees, ante, p. 425.]
9. [On default of purchaser to complete, vendor may rescind contract and resell, ante, p. 407.]
As WITNESS, &c.
THE SCHEDULE ABOVE REFERRED TO.
Agreement for sale and purchaseParcels.
• V. AGREEMENT by Trustees for the Sale of a
LEASEHOLD messuage, &c.— Application of Insu
RANCE Moneys in erent of fire before completion.
1. The vendors shall sell, and the purchaser shall purchase at
in the county of and now held by the vendors for the residue of a term of 99 years from the
days from the date
3. [Delivery of objections and requisitions, ante, pp. 403, 409.]
4. [If requisitions, &c., are insisted on vendors may rescind, ante, p. 404.]
Delivery of abstract.
(a) Here insert any special conditions as to title. The Conveyancing Act, 1881, s. 3(4), renders the production of the last receipt for rent evidence of the performance of the covenants, &c. of a sease (not including underlease), "unless the contrary appears," subject to the terms and provisions of the contract.
Where there is considerable beneficial interest, the land being let at a low ground rent, there is considerable risk in purchasing under either the stipulations in the text, or the statutory provisions, see Patman v. Harland, 17 Ch. D. 353 ; and unless the lease is of ancient date, or the lessor a person of known position, a purchaser should require a stipulation providing for the production of some evidence of the lessor's title to be inserted in the contract.
5. The said lease contains a provision that the lessees shall V. Sale of not assign without license from the lessor. The vendors shall Leaseholds
by Trustees. immediately after the execution of this contract apply for
Vendors to and endeavour to obtain such license, and if they shall be obtain lessor's unable to obtain the same before the
assign. they shall be at liberty to rescind the sale in manner provided by the last preceding clause hereof.
6. [Errors in description, góc., not to annul the sale, nor entitle parties to compensation, ante, p. 409] (b).
7. [Completion of purchase, and preparation and execution of “ assignment,” ante, p. 405.]
8. The vendors are trustees for sale, and the concurrence As to concur. of beneficiaries to the sale shall not be required, except so far rence of bene(if at all) as required by the Settled Land Act, 1882, and such consents (if any) shall be sufficiently evidenced by letters signed by such beneficiaries, and authorizing the trustees to effect the sale hereby agreed to be made. The signatures shall be deemed to be sufficiently authenticated by declarations to be made by persons acquainted therewith.
9. All deeds and documents which relate exclusively to the As to custody property hereby agreed to be sold shall be handed over to the of deeds,
&c. (c). purchaser on completion ; but such deeds and documents as relate not only to that property, but also to other property of the vendors, shall be retained by them, and the vendors shall enter into the usual statutory acknowledgment for the production of the deeds and documents retained, but shall not be required to enter into any undertaking for the safe custody thereof (or, and shall also give a qualified undertaking for the safe custody thereof, whereby their liability shall cease on parting with the actual possession of the said deeds and documents].
10. [If purchase not completed by day appointed, purchaser to pay interest, ante, p. 406.]
11. If the said messuage and premises or any part thereof Application
(6) Trustee vendors are not entitled to allow compensation for the consequences of their own errors: White v. Cuddon, 8 Cl. & F. 766; Hobson v. Bell, 2 Beav. 17. ' In a sale by trustees it is therefore usual to provide that no compensation shall be allowed: Dart, V. & P. 143. See further, as to this condition, ante, p. 404, note (e); and see tit. CONDITIONS OF SALE.
(c) As to this clause, see tit. ACKNOWLEDGMENTS, ante, p. 251 et seq., and tit. CONDITIONS OF SALE, in Vol. II.
V. Sale of shall be destroyed or damaged by fire before the completion Leaseholds by Trustees.
of the purchase all moneys which shall be received by the
vendors under the existing insurance of the premises shall be moneys in event of fire applied in or towards reinstating the same, or shall be paid before completion (d).
to the purchaser, as he shall require.
12. [On default of purchaser to complete, rendors may rescind and resell, ante, p. 404.]
AS WITNESS, &c.
VI. AGREEMENT for the Sale of a LEASEHOLD
FARM-Purchaser to be let into possession before
acceptance of title.
AN AGREEMENT made the Parties. 18—, BETWEEN [rendor], of &c. (hereinafter referred to as
the vendor), of the one part, and [purchaser], of &c. (hereinafter referred to as the purchaser), of the other part,
WHEREBY it is agreed as follows, that is to say :Agreement 1. The vendor shall sell and the purchaser shall purchase to sell and purchase.
all that farmhouse, farms, &c. [describe parcels by reference to schedule, ante, p. 408], for the price of £
whereof part, that is to say, £ shall be paid by way of deposit upon the execution of those presents, and the remainder thereof upon the completion of the purchase.
2. [Delivery of abstract, ante, p. 403.]
3. [Delivery of requisitions, &c, ante, p. 403.] Errors not to 4. If any error, misdescription, or omission shall be disannul sale, &c. covered the same (if capable of compensation) shall not annul
the sale, but a compensation shall be allowed or given by the vendor or purchaser as the case may require, such compensation to be settled, in case of difference of opinion, by A. B., of &c., as referee on behalf of the vendor, and C. D., of &c., as referee on behalf of the purchaser, if they agree, and by E. F., of &c., if the said referees should disagree, and the
(d) A contract for sale of a house contained no reference to an existing insurance : after the date of the contract, but before completion, the house was damaged by fire; it was held that the purchaser was not entitled as against the vendor to the benefit of the insurance: Rayner v. Preston (C. A.), 18 Ch. D. 1.
decision of the said referees or of the said umpire, as the case VI. Sale of
Leasehold may be, shall be final. 5. The vendor undertakes to deduce a good and marketable
Completiou of title to the premises on or before the day of
, purchase. and the purchaser shall on that day pay the balance of the purchase-money at the office of Messrs.
the solicitors of the vendor, at and the purchase shall then and there be completed; and thereupon the vendor, &c. [will execute “ assignment,” ante, p. 405].
6. The purchaser shall be at liberty to take possession of Purchaser to such parts of the premises as are described in the schedule sion before hereunder written as meadow, pasture, and woodlands on the completion.
next, and of such parts of the said premises as are described in the said schedule as arable lands
next, and of the remainder of the premises on the day of next, as fully to all intents and purposes as if an assignment of the premises had actually been executed: PROVIDED always that such taking of possession shall not be deemed to be an acceptance by the purchaser of the vendor's title, or any waiver or abandonment by the purchaser of his right to make requisitions and objections as hereinbefore provided in respect of such title (e).
7. The purchaser shall not be required to make to the If completion vendor any payment by way of rent, interest, or otherwise, chaser to pay by reason of his taking possession as aforesaid of the premises interest. before the completion of the purchase, and occupying them up to the said — day of — next, but if the purchase shall not be completed on that day from any cause whatever, other than a default by the vendor in deducing a good and marketable title on or before that day, the purchaser shall pay interest on the unpaid balance of the purchase-money at the rate of £5 per cent. per annum, until completion of the purchase.
(e) Entry into possession before conveyance generally amounts to a waiver of all objections to title, Fiudyer v. Cocker, 12 Ves. 25, unless under special circumstances, as when the purchaser takes possession at the instance of the vendor representing the title to be perfect, Vancouver v. Bliss, 11 Ves. 458; so if the contract expressly authorizes the purchaser to take immediate possession : Stevens v. Guppy, 3 Russ. 171. The above Precedent is adapted from the contract set out in Il’illiams v. Shaw, 3 R