The Advance Agreement for Sale of House is a crucial document in English and Welsh property transactions, used when parties wish to formally commit to a property sale before proceeding to exchange of contracts. This agreement typically follows acceptance of an offer but precedes the main contract exchange, providing security to both parties during the conveyancing process. It includes essential details such as property description, purchase price, deposit arrangements, and completion timeline. The document must comply with the Law of Property (Miscellaneous Provisions) Act 1989 and other relevant property legislation, making it a vital tool in reducing risk and establishing clear obligations for all parties involved.
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1. Parties: Identifies and defines the seller and buyer with full legal names and addresses
2. Background: Sets out the context of the sale and basic property information
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold including title number
5. Purchase Price: States the agreed purchase price and payment terms
6. Deposit: Details of deposit amount and payment arrangements
7. Completion Date: Specifies the target date for completion of the sale
8. Title Guarantee: Specifies the type of title guarantee being provided
9. Vacant Possession: Confirmation of vacant possession on completion
1. Tenant Provisions: Required if property is sold subject to existing tenancies
2. Fixtures and Fittings: Details items included/excluded from sale
3. Planning Permissions: Details of existing planning permissions
4. Chain Provisions: Provisions relating to property chain
1. Property Schedule: Detailed property description including plan and boundaries
2. Fixtures and Fittings Schedule: Comprehensive list of included/excluded items
3. Title Documents: Copies of relevant title documents and plans
4. Property Information Form: Completed standard property information form
5. Energy Performance Certificate: Current EPC for the property
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