The Offer To Purchase Contract is a crucial document in English and Welsh property transactions, serving as the initial formal agreement between buyer and seller. It is typically used after verbal negotiations but before the exchange of contracts, setting out the proposed terms of the property purchase. This document includes specific details about the property, purchase price, completion date, and any special conditions. It forms the basis for solicitors to prepare the final contract of sale and is particularly important as it helps prevent misunderstandings and provides clear evidence of the parties' intentions. The document must comply with the requirements of the Law of Property (Miscellaneous Provisions) Act 1989 and other relevant property legislation in England and Wales.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the document
4. Property Description: Detailed description of the property being purchased including location, boundaries, and features
5. Purchase Price: Specification of purchase amount, payment terms, and deposit requirements
6. Completion Date: Agreed date for finalizing the transaction and transfer of ownership
7. Conditions Precedent: Conditions that must be met before completion of the purchase
1. Mortgage Contingency: Terms and conditions related to securing financing for the purchase
2. Property Inspection: Terms regarding property inspection rights and timeframes
3. Chain Dependency: Conditions related to other property transactions in a chain
4. Vacant Possession: Terms ensuring the property will be empty upon completion
5. Fixtures and Fittings: Detailed list of items included or excluded from the sale
1. Schedule 1: Property Details: Detailed property specification including boundaries and fixtures
2. Schedule 2: Property Title: Title details and any encumbrances or restrictions
3. Appendix A: Property Plans: Official plans and drawings of the property
4. Appendix B: Special Conditions: Any special terms or conditions specific to this transaction
5. Appendix C: Fixtures and Fittings Inventory: Detailed inventory of items included in the sale
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