The For Sale By Owner Land Contract is utilized when landowners wish to sell their property directly to buyers without intermediary estate agents. This approach can reduce transaction costs while maintaining legal compliance under English and Welsh law. The contract includes essential elements such as property description, price, payment terms, completion date, and any special conditions or restrictions. It must comply with the Law of Property Act 1925 and the Land Registration Act 2002, ensuring proper transfer of title and registration of the property.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the sale and basic property information
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the land being sold, including boundaries and title number
5. Purchase Price: Amount and payment terms
6. Title Guarantee: Seller's confirmation of ownership and right to sell
7. Completion Date: Date for completion of the sale
8. Signatures: Execution blocks for all parties
1. Deposit Terms: Details of any deposit required and payment schedule
2. Mortgage Contingency: Conditions related to buyer's financing requirements and deadlines
3. Planning Permissions: Details of existing or required planning permissions and restrictions
4. Rights of Way: Details of any easements, rights of way, or shared access arrangements
1. Property Plan: Land Registry compliant plan showing the property boundaries
2. Title Documents: Copies of relevant title documents and registers
3. Property Information Form: Standard form providing detailed information about the property
4. Fixtures and Fittings List: Detailed inventory of items included and excluded from the sale
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