The Real Estate Buyers Agreement Form is essential for formalizing the relationship between property buyers and their estate agents in England and Wales. This document is typically used at the beginning of the property search process and includes detailed information about the agent's services, fees, duration of representation, and the buyer's obligations. It ensures compliance with the Estate Agents Act 1979 and provides clarity on the scope of services, helping prevent future disputes. The agreement is particularly important in competitive property markets where quick action and clear understanding between parties is crucial.
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1. Parties: Identification and details of buyer and seller
2. Background: Context of the transaction and basic property information
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being purchased
5. Purchase Price: Agreed purchase price and payment terms
6. Completion Date: Agreed date for transaction completion
7. Obligations of the Parties: Rights and responsibilities of buyer and seller
1. Mortgage Contingency: Terms relating to securing financing - used when buyer requires mortgage financing
2. Survey Conditions: Terms relating to property surveys - used when buyer wishes to conduct surveys
3. Chain Dependency: Conditions related to property chain - used when transaction depends on other property sales
1. Property Plan: Detailed plan showing property boundaries and layout
2. Fixtures and Fittings: List of included and excluded items
3. Property Information Form: Detailed information about the property condition and history
4. Search Results: Results of local authority and other searches
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