What is the TR1?
The TR1 is the legal document which the parties to the transfer are to sign, in order to affect the transaction, known as the transfer deed.
The deed has a number of different panels that you should ensure you understand before signing. The deed makes provision for the parties to the transfer, the agreed consideration, the property address and title number, together with any terms that are to be imposed as condition of the transaction, as a handful of examples.
The above highlights the importance of seeking legal advice on the transfer and, importantly, the deed itself, to ensure that you are aware of its meaning and importance. This is because, upon execution, you will be creating a legally binding deed that would be enforceable in a court of law, therefore, should not be taken lightly.