The Residential Resale Real Estate Purchase Contract is essential for any transaction involving the sale of existing residential property in England and Wales. It serves as the primary legal document governing the transfer of ownership from seller to buyer, incorporating all necessary terms, conditions, and statutory requirements. This contract is used when a property is being resold rather than sold as new construction, and includes crucial details such as property specifications, price, completion timeframes, and both parties' obligations. It must comply with the Law of Property Act 1925, Land Registration Act 2002, and other relevant legislation while following established conveyancing practices.
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1. Parties: Identifies buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and property details
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of property including title number and address
5. Purchase Price: Agreed price and payment terms
6. Completion Date: Agreed date for completion of sale
7. Title Guarantee: Seller's warranties regarding property title
8. Vacant Possession: Confirmation of vacant possession on completion
1. Leasehold Provisions: Additional terms and conditions specific to leasehold properties, including service charges and ground rent provisions
2. Fixtures and Fittings: Detailed specifications of items included or excluded from the sale
3. Planning Permissions: Details of existing planning permissions, restrictions, and conditions affecting the property
4. Chain Details: Information about related property transactions in the chain and dependencies
1. Property Plan: Official plan showing boundaries and extent of property
2. Fixtures and Fittings List: Detailed inventory of included and excluded items
3. Property Information Form: Standard form providing detailed property information
4. Title Documents: Copies of relevant title documents and registers
5. Energy Performance Certificate: Current EPC for the property
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