The City of London Law Society’s Land Law Committee has updated its widely used certificate of title.
The certificate, now in its 7th edition 2016 update, is used in many different transactions, most frequently in a lending context, where solicitors for the borrower provide the certificate to the lender, and the lender relies on it in relation to the security that it provides. It is also often used in large transactions, such as the disposal of property portfolios and corporate transactions such as the sale of the shares in a property holding corporate vehicle.
While the 2016 update is not a substantive overhaul of the certificate, changes include various corrections and the addressing of key concerns about particular aspects of the 7th edition.
The updated certificate of title and notes for users can be found by clicking here.
Warren Gordon, secretary of the CLLS Land Law Committee and head of real estate know how at Olswang, said: “The committee’s certificate is particularly useful to the property industry, because it is the industry’s standard form of certificate of title for commercial property and some high value residential transactions. Prior to the certificate’s introduction, law firms often had their own form of certificate, which caused disputes in agreeing what should be included.
“The certificate is intended to be comprehensive and strike a reasonable balance between the interests of those to whom it is addressed and the solicitors who give it.”
He added that the committee would be grateful for any feedback on the new documentation. Send comments by clicking here.
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