EXTRA CONDITIONS OF SALE
The RICS Common Auction Conditions (Edition III) are to be treated as being amended as follows:
1 Glossary 1.1 There shall be added at the end of the definition of ‘Arrears’ the words ‘including any interest payable by any tenant on any such arrears’.
1.2 The definition of Practitioner shall be deleted and replaced as follows:
‘A receiver, administrator, administrative receiver or liquidator of a corporate seller or any trustee in bankruptcy of any person who is the seller’.
2 Deposit 2.1 For the purposes of General Condition 2.1(a) the minimum deposit will be £1,000.
2.2 General Condition 2.2 (a) shall be amended as follows: 2.2.1 subject to 3.3 below, the words or the ‘seller’s solicitor has stipulated in the Special Conditions of Sale’ shall be added after the words ‘may accept’.
2.3 General Condition 2.2 (b) shall be deleted and replaced with ‘will be held by the seller’s conveyancer as stakeholder unless the Special conditions provide that it is to be held by the seller’s conveyancer as agent for the seller or by the auctioneers as stakeholders’.
2.4 In General Condition 2.3 the word ‘auctioneers’ shall be deleted and replaced with ‘seller’s conveyancer’.
3 Transfer of Risk and Insurance 3.1 In General Condition 3.1 (d) the words ‘and expense’ shall be added after the words ‘at the request’.
3.2 The wording of General Condition 3.1 (f) shall be deleted and replaced with: ‘(f) if before completion the lot suffers loss or damage: (i) the seller will pay to the buyer on completion the amount of policy monies which the seller has received; and
(ii) if no final payment has then been received, assign to the buyer, at the buyer’s expense, all rights to claim under the policy in such form as the buyer reasonably requires and, pending execution of the assignment, hold any policy monies received in trust for the buyer;’
4 Landlord’s Licence 4.1 In General Condition 9.1 the word ‘a’ shall be added after the words ‘leasehold land and’ and the words ‘from the immediate and/or any superior landlord’ shall be added after the words ‘is required’.
4.2 In General Condition 9.2 the words ‘the landlord lawfully requires’ shall be deleted and replaced with the words ‘any landlord lawfully requires’.
4.3 In General Condition 9.4 (a) the word ‘the’ immediately prior to the word ‘licence’ shall be deleted and replaced with the words ‘each lawfully required’.
4.4 In General Condition 9.5 (a) the words ‘properly required by any such landlord’ shall be added at the end of the existing wording.
4.5 General Condition 9.6 shall be amended as follows: 4.5.1 The words ‘the licence’ shall be deleted and replaced with ‘any licence or any document lawfully required by any landlord’; and
4.5.2 The word ‘obtained’ shall be deleted and replaced with the words ‘granted or completed’.
4.5.3 The words ‘but in all other respects neither party is to be treated as in breach of contract and condition G8 applies’ shall be added at the end of the existing wording.
4.6 A new General Condition 9.7 shall be added as follows: ’A party in breach of its obligations under Condition G9.4 or condition G9.5 cannot rescind under condition 9.6 for so long as its breach is a cause of the consent being withheld or any lawfully required document not being provided or completed’.
5 Interest and Apportionments 5.1 In General Condition 10.1 the words ‘and including’ shall be added after the words ‘(less any deposit paid) from’.
5.2 General Condition 10.3 shall be deleted and replaced by: ‘Income and outgoings are to be apportioned at the actual completion date unless the buyer’s default has caused completion to be delayed in which case the apportionment shall be made as at the agreed completion date’.
6 Rent Deposits
6.1 In General Condition 13.3 the words ‘and at its own expense’ shall be inserted after the words ‘seller must on completion’.
7 Sale by Practitioner In General Condition 19.1 the words ‘of the lot’ shall be added after the word ‘sale’.
8 Environmental 8.1 General Condition 21.2 shall be amended as follows: 8.1.1 The words ‘such reports as the seller has as’ shall be deleted and replaced with the words ‘to the buyer a copy of any document in the possession of or commissioned by or on behalf of the seller relating’; and
8.1.2 The word ‘environmental’ shall be added before the word ‘investigations’.
9 Rent Review 9.1 In General Condition 23.3 the words ‘in accordance with the tenancy’ shall be inserted after the words ‘as soon as reasonably practicable’.
10 Tenancy Renewals 10.1 In General Condition 24.3 the words ‘of receipt’ shall be inserted after the words ‘business days’.
11 Warranties 11.1 In General Condition 25.3(b) the words ‘or cost’ shall be added at the end of the existing wording.
Registered in England No. 3536032 Registered Office St Martin’s Court, 10 Paternoster Row, London EC4M 7HP CBRE Limited is regulated by RICS and is an appointed representative of CBRE Indirect Investment Services Limited which is authorised and regulated by the Financial Services Authority.
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