The Real Estate Purchase Agreement Contract is essential for any property transaction in England and Wales. It serves as the primary document governing the rights and obligations of buyers and sellers in real estate transactions. This agreement is required by law and must comply with specific legislative requirements, including the Law of Property Act 1925 and the Law of Property (Miscellaneous Provisions) Act 1989. It contains crucial information about the property, parties involved, purchase price, completion timeline, and any special conditions or warranties.
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1. Parties: Identification and details of buyer and seller
2. Background: Context of the transaction and property overview
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold including address, title number, and extent of the property
5. Purchase Price: Amount, payment terms, deposit requirements and completion funds
6. Contract Rate: Interest rate applicable for late payment or delayed completion
7. Title Guarantee: Seller's warranties regarding property title and encumbrances
8. Completion: Completion date, time, and mechanism for completion
9. Risk and Insurance: Transfer of risk and insurance obligations
10. Vacant Possession: Obligation to provide vacant possession on completion
11. Title Documents: Provisions regarding delivery of title documents
12. Notices: Process for serving notices between parties
13. Governing Law: Specification of English and Welsh law as governing law
1. Existing Tenancies: Details of existing tenancies and their treatment post-completion
2. Planning Permissions: Details of existing planning permissions and conditions
3. Environmental Provisions: Environmental warranties, indemnities and specific obligations
4. Service Contracts: Treatment of existing service contracts and maintenance agreements
5. VAT Elections: VAT treatment and elections if applicable to the property
6. Asset Transfer Provisions: Provisions for transfer of associated assets, equipment or machinery
1. Schedule 1 - Property Plan: Official plan showing property boundaries and extent
2. Schedule 2 - Fixtures and Fittings: Detailed list of included and excluded fixtures, fittings and chattels
3. Schedule 3 - Title Documents: List of title documents and official copies
4. Schedule 4 - Planning Documents: Copies of relevant planning permissions, certificates and notices
5. Schedule 5 - Environmental Reports: Environmental surveys, reports and certificates
6. Schedule 6 - Existing Tenancies: Details of any existing leases or tenancy agreements
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