The underlying principle in property transactions is ‘caveat emptor’ or ‘let the buyer beware’.
A seller is only obliged to disclose latent defects in title and therefore a buyer should carry out their own investigation of title and put in hand their own searches and enquiries in order to be fully informed before they proceed with a property acquisition.
See Managing the disclosure process in property due diligence—checklist.
Title is invariably deduced before exchange of contracts. Contracts now routinely prohibit any objection to or requisition on title after exchange of contracts, unless it relates to a matter revealed by a pre-completion search.
Title to registered land is deduced by providing up to date official copies of the title register and plan. For content on reviewing a registered title, see:
Due diligence—reviewing a registered title—checklist
Practice Notes:
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