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Trustee relationship between seller and buyer between exchange and completion
Practical Law UK Practice Note 7-101-6657 (Approx. 8 pages)
Trustee relationship between seller and buyer between exchange and completion
| Maintained • England, Wales |
This note explains the trustee relationship that arises on exchange of contracts where the contract is specifically enforceable.
The beneficial interest passes to the buyer but the seller is regarded as holding the legal estate on trust for the buyer pending completion. This trust relationship imposes obligations on the seller to look after the property pending completion.