Page 154 - IOM Law Society Rules Book

(ii)

given in exchange or part exchange is taken into account.

"Advocate "
(iii)

in paragraph 2(b)(iv) means any individual Advocate conducting or supervising the

matter; and

in paragraph 2(c)(i) means the individual Advocate supervising the transaction.

3. ADVOCATE ACTING FOR LENDER AND BORROWER

(a) An Advocate must not act for both a lender and a borrower on the grant of a

mortgage secured on land;

(i) without the informed written consent of both parties;

(ii\ if a conflict of interest exists or arises

(b) An Advocate who proposes to act for both a lender and a borrower on the grant of

any mortgage secured on land, must also inform the lender and/or the seller and/or

the buyer in writing of the circumstances if the Advocate proposes to act for the

lender and/or the seller and/or the buyer in the same transaction,

4. TRANSITIONAL PROVISIONS

Notwithstanding the provisions of Rule 2(c)(I) hereof the following transitional provisions
shall apply up to the 31st day of July, 2006.

Where an Advocate is in sale practice as at the date this rule comes into force and effect
and different persons conduct the work for the seller and the work for the buyer and one of

the persons conducting the work is not an Advocate and would normally need supervision,

that person can act unsupervised provided that the Council of the Isle of Man Law Society

. .