Contract for the sale of freehold land with vacant possession (incorporating the Standard Commercial Property Conditions (Third Edition – 2018 Revision))

by Practical Law Property

A standard document contract for the sale and purchase of commercial freehold property in England and Wales, to be sold with vacant possession. This contract incorporates the Standard Commercial Property Conditions (Third Edition – 2018 Revision) (SCPC) and is drafted to be adaptable for both registered and unregistered land. This contract is designed for the sale of the whole of a seller's property, where the risk passes to the buyer upon exchange. It features a range of optional clauses to address various commercial scenarios, including provisions for the sale of contents, modifying the title guarantee under the Law of Property (Miscellaneous Provisions) Act 1994 (LPMPA 1994) and differing VAT treatments. It also provides frameworks for handling service contracts, capital allowances elections under the Capital Allowances Act 2001 (CAA 2001), and situations where the seller may hold possessory or uncertain title to part of the land. The contract specifies the form of the transfer, arrangements for completion, and methods for protecting the buyer's interest post-exchange.