The Residential Real Estate Purchase Agreement is a fundamental legal document used in England and Wales for residential property transactions. It serves as the primary contract between buyer and seller, outlining all essential aspects of the property transfer, including price, timing, conditions, and obligations of all parties. This agreement is crucial for ensuring compliance with property law, protecting both parties' interests, and facilitating smooth property transfer. It incorporates requirements from various legislative frameworks, including the Law of Property Act 1925 and Land Registration Act 2002, and is typically prepared by conveyancing solicitors as part of the standard property purchase process.
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1. Parties: Identification and details of buyer and seller
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold including address, boundaries, and registered title number
5. Purchase Price: Amount and payment terms including deposit details and balance payment arrangements
6. Completion Date: Timing and conditions for completion of the sale
7. Title Guarantee: Seller's warranties regarding property title and ownership
8. Vacant Possession: Conditions of property transfer and confirmation of empty possession
1. Fixtures and Fittings: Detailed listing of items included or excluded from the sale
2. Planning Permissions: Details of existing planning permissions, restrictions, and future development rights
3. Chain Details: Information about related property transactions in the chain
4. Mortgage Details: Specific arrangements regarding mortgage financing and conditions
1. Schedule 1 - Property Plan: Official land registry plans and boundary details
2. Schedule 2 - Fixtures and Fittings Inventory: Comprehensive list of included and excluded items in the sale
3. Schedule 3 - Property Information Form: Completed TA6 form containing detailed property information
4. Schedule 4 - Energy Performance Certificate: Current EPC rating and energy efficiency report
5. Schedule 5 - Title Documents: Official copies of the title register and plan from Land Registry
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