What does 'Draft Contract' mean?
Draft Contract
When a buyer and seller have agreed the sale price of a property, the seller's solicitor sends the buyer's solicitor a proposed contract for the sale. As the exact wording and terms have not been agreed between both parties yet it is known as the 'Draft Contract'.
Search Results for 'draft contract' in How to Really Buy a Property
Chapter 17:
The Property Buying Process in Theory
"...The Contract - this is a short document and basically says that you agree to buy and the vendor agrees to sell the property. The contract is only signed by the vendor and you once all the other checks have been made. Once you have signed your part and the vendor has signed theirs the documents are exchanged between the solicitors. Hence this moment is known as Exchange of Contracts or more often as simply the Exchange. It is the moment of no return when you must buy and they must sell even though, usually, no full payment has been made. The first contract that your solicitor receives is usually known as the draft contract as it has not yet been agreed.
..."
"... and so tend to arrive at different times.
The Contract: Every solicitor usually has their own version of a contract on file. They will fill in certain details and send it off as a draft contract as they expect your solicitor will want some changes.
The Title Deeds: These will either come from..."
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Chapter 22:
Why Vendors are Poorly Prepared
"... Land Registry
Nothing
Wednesday
Waiting for Office Copy Entries
Nothing
Thursday
Office Copy Entries arrive and a draft contract is drawn up
Nothing
Friday
Contract and Office Copy Entry is sent to your solicitor
Nothing
In..."
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