The City of London Law Society (CLLS) has launched the fourth edition of its Short Form Report on Title.
The Short Form Report on Title, compiled by the CLLS’s Land Law Committee, is intended to act as a comfort document and to complement the society’s Certificate of Title, the property industry’s standard form of certificate for commercial property transactions.
It is intended to be easier to complete than the longer CLLS Certificate of Title, and to be used in certain circumstances requiring a more basic form of the certificate, for example, transactions involving lower value properties.
The new editiion reflects changes in the law and practitioners’ approaches to reporting on title, as well as changes to the CLLS Certificate of Title in the intervening period. There is now a clearer distinction in the new Report between the situation where the company already owns the property and where the company is purchasing the property, in addition to new drafting options for where the property is a lease. For clarity, the notes to the Report highlight the circumstances when it would be used instead of the Certificate of Title.
It is a freely available resource for use by solicitors and other practitioners.