Abstract. Requisitions. Title, &c. shall neglect to appoint a valuer or to give notice of his appointment to the other party for the space of fourteen days from the day of sale, or if the valuer appointed by either party shall neglect to act, then the valuer appointed by the other party shall make a valuation alone, and his valuation shall be final and binding on both parties. 3. Within days from the day of sale the vendors shall deliver to every purchaser or to his solicitor an abstract of the title to the lot or lots purchased by him (b). 4. Within twenty-one days from the receipt of the abstract a statement in writing of all objections and requisitions, if any, arising on the title or abstract or particulars, or any matter appearing therein respectively, shall be sent to Messrs. the solicitors of the vendors; and within fourteen days from the delivery to any purchaser of any additional abstract or information or replies, such purchaser shall send to the same solicitors a statement in writing of his further objections and requisitions, if any, in respect of such additional abstract or information or replies. Subject to such objections and requisitions so sent the purchaser shall be considered to have accepted the title, and in this respect time shall be of the essence of the contract. If any objection or requisition shall be insisted upon by a purchaser which the vendors shall be unable or unwilling to remove or comply with, the vendors shall be at liberty at any time, and notwithstanding any previous negotiation or litigation, to rescind the sale to such purchaser by notice in writing; and in that event the purchaser shall receive back his deposit without interest, but shall have no claim on the vendors for the expense of investigating the title or for other expenses or for compensation. 5. The title to the several lots shall commence as follows: The title to Lots 1, 2 and 3 with Indentures of Lease and Release dated &c. The title to Lots 4 and 5 in part with an Indenture dated &c. and in part with an (b) A purchaser of more than one lot can only require one abstract of the common title, see Conveyancing Act, 1881, s. 3, subs. 7, p. 246. Admission dated &c. (c). The purchasers of Lots 4 and 5 Identity. respectively shall not require the vendors to distinguish what part of such lots is of freehold and what part of copyhold tenure. No purchaser shall be entitled to any proof of the identity of the property purchased by him with the description contained in the documents relating thereto, except a statutory declaration to be made at the expense of the purchaser by X. of &c. or some other competent person that the same property has been held for the last twenty years consistently with the title shown. The property comprised in all the aforesaid lots is sold subject to such chief, quit, and other rents, rights of way, and other rights and easements, if any, as may exist. be evi 6. All deeds or other documents dated twenty years or Recitals to upwards prior to the day of sale shall be conclusive evi- dence. dence (d) of the facts and matters recited or stated therein or to be implied therefrom. 7. The several leases and underleases aforesaid shall be Rent and covenants conclusive evidence (d) of the title of the respective lessors in leases. to grant the same, and the production of the receipt for the last rent accrued due before the completion of the purchase. shall be conclusive evidence of the due performance of the lessees' covenants or of the waiver of any breach of any such covenant (e) down to the time of the completion of the purchase. The purchasers of any leasehold property (c) The purchaser is precluded by the Conveyancing Act, 1881, s. 3, subs. 3, from requiring the production of or making any requisition with respect to the prior title. With regard to special conditions of sale to guard against known flaws in the title it should be remembered that the best policy is to state the facts plainly and to provide against the purchaser making any objection in respect of them. Conditions of sale tending to mislead the purchaser or forcing him to accept a bad title, without first bringing to his know ledge what the flaw is, are viewed (d) See note (d) to Conveyancing Expenses of stamping, &c. Errors and compensa tion. Comple tion of shall enter into covenants with the vendors to pay the rent and observe the covenants reserved by and contained in the lease, and to indemnify the vendors against such rent and covenants. 8. The expense of stamping such documents, if any, as may be unstamped or insufficiently stamped [and of registering such documents, if any, as ought to be registered], shall be borne by the purchaser requiring the same. 9. The property is believed to be correctly described in the particulars. Any error or omission therein shall not annul the sale, and no compensation in respect thereof shall be allowed on either side [or but compensation shall be made in respect thereof by the vendors or the purchaser, as the case may be, the amount of such compensation to be fixed by the decision of two referees, one to be appointed by the vendors and the other by the purchaser, or of an umpire to be appointed by the referees before they proceed to the reference: but if either party shall neglect to appoint a referee for the space of days after notice in writing to do so shall have been given by the other party, or if the referee appointed by either party shall neglect to act, then the referee appointed by the other party shall make a decision alone, and his decision shall be final and binding on both parties. No claim for compensation shall be made after completion of the purchase (f)]. day of 10. Every purchaser shall pay the remainder of his purchase. purchase money (including the amount of the aforesaid valuation), and the purchase shall be completed on the at the office of the vendors' solicitors, and thereupon the vendors shall execute proper assurances to the respective purchasers; such assurances to be prepared by and at the expense of the respective purchasers. [The vendors being trustees (or mortgagees) selling under (f) See decisions of M. R. in Turner v. Skelton, L. R. 13 Ch. D. 130, and V.C. Malins in Manson v. Thacker, 7 Ch. D. 620; Besley v. B. 9 Ch. D. 103; Allen v. Richardson, 13 Ch. D. 524. a power of sale will enter into no covenants for title other than the usual covenant that they have not incumbered; and the concurrence of the persons beneficially interested shall not be required (g)]. Every purchaser shall from the said- -day day of — be entitled to the possession or to the receipt of the rents and profits of the property purchased by him, and all outgoings up to that day shall be paid by the vendors. If from any cause whatsoever the purchase of any lot shall not be completed on the said the purchaser of such lot shall pay to the vendors interest at the rate of £5 per cent. per annum on the remainder of his purchase money (including the amount of the valuation aforesaid) from that day until the purchase shall be completed. day of 11. Such of the documents of title in the vendors' pos- Deeds. session as relate to more than one lot shall, if all the lots are sold at this present sale, be delivered to the purchaser of Lot 1 [or to the purchaser of the largest part in value of the lots to which the same relate], and he shall give to the purchasers of the others of such lots at their expense an acknowledgment in writing of their right to production and to delivery of copies of such documents, and an undertaking in writing for the safe custody thereof. If all the lots to which any documents of title relate are not sold, such documents shall be retained by the vendors, who will then give the acknowledgment [and undertaking] aforesaid at the expense of the person requiring the same (h). making default. 12. If any purchaser shall fail to comply with these Purchaser conditions his deposit money shall be forfeited to the vendors, and they shall be at liberty to resell the property sold to him either by public auction or by private contract, and the deficiency, if any, arising on such second sale together with all expenses attending the same shall be made good by the purchaser at this present sale, and shall (g) If the vendor is a tenant for life selling under the Settled Land Act, 1882, the first part of this clause will be as in Prec. III., cl. 9, p. 9, mutatis mutandis. (h) See Conveyancing Act, 1881, s. 9, and note thereto, p. 259. be recoverable by the vendors as and for liquidated damages, and it shall not be necessary for them previously to tender a conveyance (i). (i) The Vendor and Purchaser Act, 1874, 37 & 38 Vict. c. 78, enacts 1. In the completion of any contract of sale of land made after the thirty-first day of December one thousand eight hundred and seventyfour, and subject to any stipulation to the contrary in the contract, forty years shall be substituted as the period of commencement of title which a purchaser may require in place of sixty years, the present period of such commencement ; nevertheless earlier title than forty years may be required in cases similar to those in which earlier title than sixty years may now be required. 2. In the completion of any such contract as aforesaid, and subject to any stipulation to the contrary in the contract, the obligations and rights of vendor and purchaser shall be regulated by the following rules; that is to say, First. Under a contract to grant or assign a term of years, whether derived or to be derived out of a freehold or leasehold estate, the intended lessee or assign shall not be entitled to call for the title to the freehold. Second. Recitals, statements, and descriptions of facts, matters, and parties contained in deeds, instruments, Acts of Parliament, or statutory declarations, twenty years old at the date of the contract, shall, unless and except so far as they shall be proved to be inaccurate, be taken to be sufficient evidence Third. The inability of the ven- Fifth. Where the vendor retains 3. Trustees who are either vendors or purchasers may sell or buy without excluding the application of the second section of this Act. 4. The legal personal representative of a mortgagee of a freehold estate, or of a copyhold estate to which the mortgagee shall have been admitted, may, on payment of all sums secured by the mortgage, convey or surrender the mortgaged estate, whether the mortgage be in form an assurance subject to redemption, or an assurance upon trust. (Repealed in cases of death |