IV. Sale of Heirlooms by Tenant for Life. tively, the said chattels and premises, specified in the schedule 6. [Purchaser to assume that notices have been duly given, ante, p. 424.] day of order of apply for Court. 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 the Court sanctioning the sale hereby agreed to be made of the said chattels and premises; and unless such order shall have been obtained before the 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. Parties. Agreement for sale and purchaseParcels. Delivery of abstract. ·V. AGREEMENT by TRUSTEES for the SALE of a LEASEHOLD messuage, &c.-Application of INSURANCE MONEYS in event of fire before completion. day of 18-, THIS CONTRACT, made the BETWEEN [trustee], of &c., and [trustee], of &c. (hereinafter called the vendors), of the one part; and [purchaser], of &c. (hereinafter called the purchaser), of the other part, WHEREBY it is agreed and declared as follows, that is to say: 1. The vendors shall sell, and the purchaser shall purchase at the price of £- -, all that leasehold messuage and [describe parcels], situate in the parish of, in the county of and now held by the vendors for the residue of a term of 99 years from the day of 18-, granted by an indenture of lease dated the day of 18-, and expressed to be made between [lessor] of the one part, and [lessee] of the other part, at the yearly rent and subject to the lessees' covenants and condi of £ tions therein mentioned. 2. The vendors shall within days from the date hereof at their expense deliver to the solicitor of the purchaser an abstract of their title to the premises commencing with the said lease. The production of the receipt for the last payment due for rent under the lease shall be deemed conclusive evidence that all the covenants and conditions of the lease have been duly performed and observed, or that all breaches (if any) of such covenants and conditions have been waived up to the day of completion of the purchase (a). 3. [Delivery of objections and requisitions, ante, pp. 403, 409.] 4. [If requisitions, &c., are insisted on vendors may rescind, ante, p. 404.] (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 lease (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. V. Sale of Leaseholds by Trustees. Vendors to 5. The said lease contains a provision that the lessees shall not assign without license from the lessor. The vendors shall immediately after the execution of this contract apply for and endeavour to obtain such license, and if they shall be obtain lessor's unable to obtain the same before the they shall be at liberty to rescind the sale in manner provided by the last preceding clause hereof. day of 6. [Errors in description, &c., not to annul the sale, nor entitle parties to compensation, ante, p. 409] (b). 66 7. [Completion of purchase, and preparation and execution of assignment," ante, p. 405.] license to assign. ficiaries. 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 property hereby agreed to be sold shall be handed over to the 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.] As to custody of deeds, &c. (c). 11. If the said messuage and premises or any part thereof Application (b) 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. of insurance V. Sale of Leaseholds by Trustees. moneys in event of fire before completion (d). shall be destroyed or damaged by fire before the completion of the purchase all moneys which shall be received by the vendors under the existing insurance of the premises shall be applied in or towards reinstating the same, or shall be paid to the purchaser, as he shall require. 12. [On default of purchaser to complete, vendors may rescind and resell, ante, p. 404.] AS WITNESS, &c. Parties. Agreement to sell and purchase. Errors not to annul sale, &c. VI. AGREEMENT for the SALE of a LEASEHOLD FARM-Purchaser to be let into possession before acceptance of title. AN AGREEMENT made the day of 18-, BETWEEN [vendor], 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: 1. The vendor shall sell and the purchaser shall 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.] 4. If any error, misdescription, or omission shall be discovered 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 may be, shall be final. day of 5. The vendor undertakes to deduce a good and marketable title to the premises on or before the and the purchaser shall on that day pay the balance of the purchase-money at the office of Messrs. of the vendor, at the solicitors and the purchase shall then and there be completed; and thereupon the vendor, &c. [will execute "assignment," ante, p. 405]. day of day of Leasehold Farm. Completion of , purchase. take posses 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 on the 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 delayed, purvendor 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 day of up to the said (e) Entry into possession before conveyance generally amounts. to a waiver of all objections to title, Fludyer 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 Williams v. Shaw, 3 Russ. 178 (note). |