Statutory Form of Conditions of Sale

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Standard terms of contract for the sale and purchase of land, published by the Lord Chancellor under the Law of Property Act 1925. They cover, for example, the vendor's obligations in proving his title to the land, the completion of the transaction, and the payment of interest by the purchaser if he fails to complete on the due date. The Statutory Form applies automatically to contracts made by correspondence subject to any express agreement between the parties, and any valid contract for the sale and purchase of land may be expressed to incorporate the Statutory Form.

Subjects: Law.

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