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Letters of Obligation
For previous versions of documents, please visit the archive section.
The Letter of Obligation is a mainstay of the commercial and domestic property transaction. In recent years a number of standard provisions have been adopted in the majority of letters including use of the Law Society Conveyancing Committee approved style of "classic" letter of obligation for Sasine transactions and the styles produced in the Registration of Title Practice Book for first registrations and transfers of registered interests in the Land Register. There can be less consistency when it comes to commercial security transactions and lease transactions.
The PSG has produced a series of Letters which take into account the
typical interests and requirements of the seller/purchaser; landlord/tenant;
assignor/assignee and lender/borrower, and their respective solicitors
in the majority of transactions, and which are designed to meet the criteria
for "classic" letters of obligation for Master Policy purposes.
Detailed Guidelines also accompany this series.
