The Residential Sales Contract is a fundamental legal document used in England and Wales for property transactions. It serves as the primary agreement between buyer and seller, establishing their respective rights and obligations in the property transfer process. The contract must comply with the Law of Property Act 1925 and other relevant legislation, incorporating essential elements such as property description, price, completion date, and title guarantees. It's typically prepared following exchange of preliminary enquiries and before exchange of contracts, representing a crucial stage in the conveyancing process.
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1. Parties: Details of seller and buyer, including full legal names and addresses
2. Background: Context of the sale and property background information
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property including title number and address
5. Purchase Price: Agreed purchase price and payment terms
6. Completion Date: Agreed date for completion of sale
7. Title Guarantee: Seller's warranties regarding property title
1. Fixtures and Fittings: Details of items included/excluded from sale - used when specific items need to be listed
2. Leasehold Provisions: Specific terms relating to leasehold property - applicable for leasehold properties only
3. Planning Permissions: Details of existing planning permissions - included when property has relevant planning permissions
1. Schedule 1: Property Plan: Detailed plan showing property boundaries
2. Schedule 2: Fixtures and Fittings List: Comprehensive list of included/excluded items
3. Appendix A: Energy Performance Certificate: Current EPC for the property
4. Appendix B: Property Information Form: Standard property information form completed by seller
5. Appendix C: Title Documents: Copies of relevant title documents
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