A Residential Real Estate Contract is the cornerstone document in property transactions within England and Wales. It is used whenever residential property ownership is transferred between parties, whether for private residences, buy-to-let properties, or new builds. The contract must comply with strict legislative requirements and typically includes detailed property descriptions, price terms, completion arrangements, and various warranties and representations. It serves as the definitive record of the transaction terms and protects both parties' interests throughout the conveyancing process.
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1. Parties: Details of buyer, seller, and their legal representatives
2. Background: Context of the transaction and property details
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed description of the property including boundaries and rights
5. Purchase Price: Amount, payment terms, and deposit details
6. Completion Date: Agreed date for completion of sale
7. Title Guarantee: Seller's declarations regarding property title
1. Fixtures and Fittings: Details of items included/excluded from sale when specific items need to be clearly identified
2. Existing Tenancies: Details of any ongoing tenancy agreements when property is sold with sitting tenants
3. Planning Permissions: Details of existing permissions or restrictions when property has specific planning conditions
1. Property Plan: Official plan showing property boundaries and location
2. Title Documents: Copies of relevant title documents and registers
3. Fixtures and Fittings List: Detailed inventory of included/excluded items
4. Energy Performance Certificate: Current EPC rating and report
5. Property Information Form: Standard form containing property details and disclosures
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