The Pre Sale Contract is a fundamental document in property transactions within England and Wales, typically used when parties have agreed in principle to a property sale but require time to complete necessary due diligence, searches, and financing arrangements. This document bridges the gap between initial agreement and final sale, providing legal protection for both parties and clarity on key terms. It includes crucial details such as property description, price, deposit arrangements, completion timeline, and any special conditions. The Pre Sale Contract is particularly important in preventing gazumping and ensuring both parties are committed to the transaction while maintaining flexibility for necessary pre-completion requirements.
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1. Parties: Details of the seller and buyer, including full legal names and addresses
2. Background: Context of the transaction and brief property description
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase Agreement: Core terms of the sale including price and property details
5. Deposit: Amount, payment terms, and handling of the deposit
6. Completion: Completion date and process
7. Title and Transfer: Provisions regarding property title and transfer process
8. Seller's Warranties: Standard warranties about the property's condition and title
1. Conditions Precedent: Specific conditions that must be met before completion, used when there are particular requirements to be fulfilled before sale
2. Property Contents: Detailed list of included and excluded items in the sale, used when specific items are being included in the transaction
3. Planning Permissions: Details of existing or required planning permissions, used when the property has specific planning issues or opportunities
4. Tenant Provisions: Details about existing tenancies and related obligations, used when property is sold with sitting tenants
1. Property Description Schedule: Detailed description of the property including plans and boundaries
2. Property Contents Inventory: Detailed list of included fixtures, fittings, and contents
3. Title Documents: Copies of relevant title documents and searches
4. Planning Documents: Relevant planning permissions and certificates
5. Property Information Form: Standard property information provided by seller
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