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The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

Published by a UUÂãÁÄÖ±²¥ Property expert
Practice notes

The Standard Conditions of Sale (5th edition: 2018 revision)—a guide to the main provisions

Published by a UUÂãÁÄÖ±²¥ Property expert

Practice notes
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The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for commercial property.

The SCS (5th edition) were originally published on 1 April 2011 in conjunction with the launch of The Law Society’s Conveyancing Protocol (the Protocol). Where the Protocol is adopted in relation to a particular conveyancing transaction, the parties must use the most current edition of the SCS (and step 24 of the Protocol states that special conditions should not be included unless '… they are necessary to accord with current law, or specific and informed instructions have been given by the seller that inclusion of such clauses is necessary and they are required for the purposes of the particular transaction'). Use of the Protocol is mandatory for practitioners who are accredited under the Conveyancing Quality Scheme. For further commentary on the Protocol, see Practice

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Bank of England definition
What does Bank of England mean?

The Bank of England, established in 1694, has the exclusive right of note issue in England and Wales. As an institution it is under the control of HM Treasury and is expected to regain the power to regulate the banking industry.

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