Contract
The first step in the conveyancing process is for the seller’s solicitor to prepare the draft contract for sale.
The contract will set out the basic terms of the “deal”:-
- Who are the seller and the purchaser?
- What is the price? How much deposit is to be paid?
- When will completion take place?
However, the contract contains a great deal of detail for example:-
- What legal title is the vendor passing?
- Are there defects as to the legal title to the property?
- Are there household contents included in the sale?
- Will vacant possession be given upon completion?
The contract will also contain a large number of extremely detailed “general” conditions – these are of little importance if a transaction proceeds smoothly, but are designed to provide certainty if a sale/purchase becomes problematic.
It is the purchaser’s solicitor’s job to check the property deeds to ensure that the seller is passing good title and to agree the terms of the contract.
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