Property contracts are legally binding documents that outline the terms and conditions of your property purchase. Understanding these documents is crucial before signing.
Key Contract Documents:
Draft contract
Property information form (TA6)
Fittings and contents form (TA10)
Leasehold information form (TA7) if applicable
Contract Exchange
Exchange of contracts is the point at which the sale becomes legally binding. Here's what you need to know:
Before Exchange:
All searches completed
Mortgage offer in place
Property survey done
Deposit funds ready
After Exchange:
Sale is legally binding
Deposit is paid
Insurance responsibility begins
Completion date is set
Contract Terms to Check
Property Details
Correct property address and boundaries
Included fixtures and fittings
Agreed purchase price
Any special conditions
Legal Requirements
Property title and restrictions
Rights of way and easements
Planning permissions
Building regulations compliance
Pro Tips
Read every detail of the contract - don't just rely on summaries
Ask your solicitor to explain anything you don't understand
Keep copies of all signed documents in a safe place