Draft Contract

Conveyancing Dr Harold
Compare Conveyancing Quotes!
Get Quotes

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).

Leave a Reply

Your email address will not be published. Required fields are marked *

Conveyancing Dr Harold
Compare Conveyancing Quotes!
Get Quotes

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close