Draft Contract

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What is a draft contract?

During the conveyancing possess of a property transaction, the first contract is usually known as the draft contract. The exact wording and terms of the contract have not been agreed by both sides.

It’s a short document and basically says that the buyer agrees to buy and seller agrees to sell the property for the agreed price.

Who writes up the draft contract?

The draft contract is written up by the sellers conveyancer/solicitor and sent to the buyer and buyers conveyancer/solicitor.

Both sides should negotiate and agree on the terms of this contract, it might take a few drafts before reaching the final contract.

Both sides have to agree on the final draft of this contract, sign it and then exchange.

This is known as the Exchange of Contracts. Once this is done there’s no going back, the buyer has to buy and the seller has to sell (Learn more about exchange of contracts).

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