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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'.

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How to Really Buy a Property

"... 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..."
"... 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..."

"... 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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Author of How to Really Buy a Property

I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!

This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.

There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.

Download the Free Preview copy right now. I won't be asking for your email so I can bombard your inbox with 'special offers' and 'discounts' because I know most people who read the Free Preview buy the full copy. See for yourself!