Text for Report on Title
ROT: Reliance on Undertakings
- Change date
- 06/06/2023
- Word count
- 188
- Deployment measure
- 9/10
Rationale
The lack of advice to a client on undertakings creates a serious risk of professional liability for all solicitors, particularly those involved in conveyancing. This draft wording sets out some of the concerns that a buying client should be made aware of.
The process of purchasing a property relies heavily on the seller’s solicitors giving undertakings, particularly to use funds only for the purpose of the sale and to discharge existing mortgages
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