City of London Law Society launches updated Short Form Report on Title
The City of London Law Society (“CLLS”) today launches the fourth edition of its Short Form Report on Title.
The Short Form Report on Title, compiled by the CLLS’s Land Law Committee, is intended to act as a comfort document and to complement the society’s Certificate of Title, the property industry’s standard form of certificate for commercial property transactions.
It is intended to be easier to complete than the longer CLLS Certificate of Title, and to be used in certain circumstances requiring a more basic form of the certificate, for example, transactions involving lower value properties.
The Short Form Report on Title, revised following its third edition in 2007, has been updated to reflect changes in the law and practitioners’ approaches to reporting on title, as well as changes to the CLLS Certificate of Title in the intervening period. There is now a clearer distinction in the new Report between the situation where the company already owns the property and where the company is purchasing the property, in addition to new drafting options for where the property is a lease. For clarity, the notes to the Report highlight the circumstances when it would be used instead of the Certificate of Title.
It is a freely available resource for use by solicitors and other practitioners, and can be accessed via the CLLS’s website.
Jackie Newstead, Chair of the CLLS Land Law Committee, said:
“The CLLS Land Law committee is pleased to announce the publication of this update to the CLLS’ Short Form Report on Title, intended for use with properties with a lower value or lesser significance to a transaction. The Committee provided this update to ensure the report is kept in line with current common practice and continues to be a helpful and flexible document designed by practitioners for practitioners.”
Edward Sparrow, Chairman of City of London Law Society, said:
“The CLLS Short Form Certificate of Title and Short Form Report have become a success story for the CLLS, and an industry standard for a wide range of property and lending deals. The 4th Short Form Report on Title is a user-friendly resource that is accessible to all solicitors and practitioners across England and Wales.”
Kindly shared by the City of London Law Society (CLLS)