What does 'Contract' mean when buying a property?
Find out what Contract means when you are buying a property. 'What does Contract mean?' plus over 150 other property related terms and jargon in plain English
Contract
This is the document which states:
- Who the buyer is.
- Who the seller is.
- On what date the sale will take place and ownership will change.
- At what price the buyer will purchase the property for.
Both seller and buyer must sign the contract but this won't happen until the buyers solicitor (and the mortgage lender if a mortgage is involved) have carried out a number checks on the property.
For this reason after a sale has been agreed a property becomes known as "Sold Subject to Contract" rather than just sold.
One all the checks have been completed the buyer and seller sign contracts and both keep a copy (known as "Exchange of Contracts"). The sale becomes legally binding on both from this moment on.
To find out more about the contract and everything which needs to fall into place before the seller and you can exchange them pick up a copy of my ebook How to Really Buy a Property.
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- Agreement in Principle
- Bewitching Hour
- Chain Free Buyer
- Chain Free Property
- Contract Race
- Completion
- Exchange of Contracts
- Further Enquiries
- Repossession
- Sold Subject to Contract
- Sold Subject to Survey
- Subject to Contract
- Tenanted Property
- Asking Price
- Contract
- Managing Agent Enquiries
- Power of Attorney
- Off Plan
- Retention
- Negotiator
- Property Chain
- Credit History
- Joint Sole Agency
- Attended Exchange
- Conditional Exchange
- Under Offer
- Gazump
- Fall Through
- Pre Arranged Mortgage
- Draft Contract
- Freeholder
- Drainage Survey
- Ghost Gazumping
- Sale Agreed
- Upward Chain
- Cash Buyer Only
- Bridging Loan
- Deal Chasing
- Time Costs Deals
- Managing Agents
- Pulling Out
- Gazumping Insurance