The 3rd edition of the Common Auction Conditions (CAC) was, on 30 July 2009, published by RICS. The previous formats of the conditions have been used by conveyancing solicitors, property lawyer s and auctioneers for some years now.
This 3rd version was generated in response to the valuable feedback from conveyancing lawyers and auctioneers during a widespread consultation process conducted over the last half year.
The 3rd edition which will no doubt become familiar to conveyancing solicitors includes:
- changes to definitions (such as, condition, arrears and interest rates ) to keep them in line with terms frequently used in private conveyancing transactions such as the Standard Conditions of Sale.
- A contractual duty on the part the vendor to insure the property from the conveyancing exchange of contract date until completion of the transaction;
- exclusion of financial charges such as mortgages from matters which the property is sold subject to ( something that buyers conveyancing lawyers have been seeking clarification on )