Glossary of Conveyancing Terms

What is the contract?

The contract is a legally binding document that sets out the terms of the sale process and is drawn up by the seller’s solicitor using information from the property deeds.

The contract will contain details of the property and items that are to be included in the sale, the buyers and sellers, the price, and the date on which the transaction will take place. The contract is in two parts: Particulars of Sale and Conditions of Sale. The Particulars describe the property and details of the lease or freehold. The Conditions contain information about the proposed completion date and any deposit required when contracts are exchanged. Both parties have to sign the contract.

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