Document background
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.
