The Residential Purchase Contract is a fundamental legal document used in England and Wales for property transactions. It is essential when transferring ownership of residential property, whether freehold or leasehold. The contract ensures compliance with land law requirements, protects both parties' interests, and provides clarity on crucial aspects such as property boundaries, fixtures and fittings, and completion timelines. It must adhere to strict legal requirements under English and Welsh property law and is typically prepared by conveyancing solicitors as part of the broader property transfer process.
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1. Parties: Details of buyer and seller
2. Background: Context of the transaction
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property being sold
5. Purchase Price: Amount and payment terms
6. Completion Date: Date for completion of the sale
7. Title Guarantee: Seller's warranties about property ownership
8. Vacant Possession: Conditions of property handover
1. Fixtures and Fittings: Details of items included/excluded from sale - use when specific items need to be listed
2. Planning Permissions: Details of existing permissions - use when property has specific planning conditions
3. Chain Details: Information about related transactions - use when part of a property chain
4. Mortgage Details: Information about financing - use when purchase is mortgage-dependent
1. Property Plan: Official plan showing boundaries and extent of property
2. Fixtures and Fittings Inventory: Detailed list of included/excluded items
3. Title Documents: Copies of relevant title documents
4. Property Information Form: Standard form containing property details
5. Energy Performance Certificate: Mandatory energy efficiency assessment
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