Back in November 2017 the Law Society published details that changes were needed to the Standard Conditions of Sale and the Standard Commercial Property Conditions.
The changes apply to the definition of a clearing bank following the Bank of England taking over direct delivery of the CHAPS service.
Revised 2018 editions of both the Standard Conditions of Sale and the Standard Commercial Property Conditions will be available from 26 March 2018.
The revised 2018 Law Society forms are:-
- SCS1 – Standard Conditions of Sale (5th Edition, Revised 2018)
- SCPC1 - Standard Commercial Property Conditions of Sale (3rd Edition, Revised 2018)
Note: Special licensing conditions apply to the use of these Law Society forms.