Page 151 - IOM Law Society Rules Book

(ii) a '~rincipal" is a sole practitioner, a partner in practice, a director of a recognised

body, a member of or beneficial owner of a share in a recognised body or a

recognised body;

"Property selling II means negotiating a sale for the seller or negotiating a lease or

derivation of a lease for the lessor or derivative lessor;

"Mortgage related services II
means advising on or arranging a mortgage, or

providing mortgage related financial services for a buyer;

(v) and "buyer" includes lessor and lessee and relevant derivative thereof,-

(vi) Whether a transaction is "at arm's length" will depend on the relationship between

the pal1ies and the context of the transaction, and will not necessarily follow from

the fact that a transaction is at market value, or is stated to be on arm's length

terms.

A transaction would not usually be at arm's length, for example, if the parties are:

related by blood, adoption or marriage;

the settlor of a trust and the trustees;

the trustees of a trust and the beneficiary or the beneficiary 's relatives;

personal representatives and a beneficiary;

the trustees of separate trusts for the same family;

a sole trader or partner to a limited company set up by such sole trader or

partner to enable the business to be incorporated; or

associated companies (e.g. where one is a hoLding company and the other is

its subsidiary within the meaning of the Companies Act 1931 to 1993, or both

subsidiaries of the same holding company);

"Mortgage II includes a remortgage,

'seller . . . . . . .