Understanding the key terms in your property contract is crucial for a successful purchase. Here are the most important terms you'll encounter:
The point at which both parties are legally committed to the sale. After exchange, neither party can withdraw without financial penalties.
The date when the property ownership legally transfers to the buyer, and the remaining balance of the purchase price is paid.
Usually 10% of the purchase price, paid at exchange of contracts. This can be forfeited if the buyer pulls out after exchange.
Detailed list of items included or excluded from the sale, such as appliances, curtains, or garden equipment.
Any existing planning permissions or restrictions that affect the property's use or potential development.
Special conditions that must be met before completion, such as obtaining mortgage approval or completing specific repairs.
Property contracts are legally binding documents with significant implications. Always ensure you: