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A buyer pays a 7.5% deposit on exchange for a GBP 800,000 office purchase, held by the seller's solicitor as stakeholder. Draft the deposit clause and state the figure.
Draft a condition fixing completion for 30 November 2026 by electronic transfer of cleared funds and release of completion documents no later than 13:00 that day.
The seller has opted to tax and the agreed price of GBP 540,000 is exclusive of VAT. Draft one clause requiring the buyer to pay VAT properly chargeable in addition to the price against a valid VAT invoice.
Acting for a buyer, draft a clause keeping risk of physical loss or damage with the seller until actual completion and requiring the seller not to cancel or materially reduce its buildings insurance before then.
Before completion, insured fire damage makes more than 40% of a warehouse unusable. Draft a buyer termination right exercisable by notice within five Business Days after receiving the loss report, with return of the stakeholder deposit.
Draft a payment-and-risk section for the sale of a studio for GBP 450,000 inclusive of any VAT, with a 10% stakeholder deposit, completion 15 Business Days after exchange by 14:00, risk remaining with the seller, existing insurance maintained and a buyer right to defer completion for up to 30 days if insured damage prevents occupation.
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