Want to know:

You act for an investor client in buying a house. You also act for the client's lender, a high street bank, who has instructed you to secure their loan with a mortgage over the property. Your local search has been delayed and you do not have the results. Your client is desperate not to lose the property, and tells you to exchange immediately.Which of the following statements best describes your position?A. You cannot exchange without a local search because the lender would then be committed to lend the money and bear the risk of any adverse entries.B. You cannot exchange without a local search because the client cannot override your duty to act in the client's best interests.C. You can exchange, but you should leave at least 10 working days until completion to give you a chance to resolve any issues on the local search.D. You can exchange, but it is risky and you should advise your client that you will not be able to certify title to the lender unless you have a clear local search.E. You can exchange. You told your client in your initial letter what exchange meant, and it is the client's decision.

Get a detailed, AI-powered explanation for this question and thousands more on StudyFetch.