Understanding property contracts when selling...
When it comes to selling your property, one of the biggest things you’ll have to consider is the contract. Understanding it is key in the selling process.Agency agreementWhen choosing your agent,...
A contract of sale is a legally binding agreement between a property seller (vendor) and a buyer (purchaser).
A contract of sale is a legally binding agreement between a property seller (vendor) and a buyer (purchaser). It outlines the terms and conditions of the property transaction, including the price, closing date, and any other relevant details. Both parties sign the contract, and it serves as a key document in the property sale process.
When a contract of sale expires, it means that the agreed-upon period for the contract has come to an end. The terms and conditions outlined in the contract are no longer binding, and both the buyer and the seller are free from the specific obligations and commitments stated in the expired contract.
If the property transaction hasn't been completed by the contract expiry, the parties may need to decide whether to extend the existing contract, negotiate a new one, or explore other options. It's essential to address the situation promptly to avoid any uncertainties or misunderstandings between the parties involved.
A contract of sale typically includes various terms and conditions that outline the specifics of a property transaction. Some of these terms may include:
We work with agents who've adapted to the current climate to help you sell successfully.
You might also be interested in
When it comes to selling your property, one of the biggest things you’ll have to consider is the contract. Understanding it is key in the selling process.Agency agreementWhen choosing your agent,...
When buying a house what does under contract mean? Is it the same as under offer? If you’re a buyer or seller asking these questions, you’ve come to the right place!Here, we take a close look at...
In the world of real estate, sometimes the journey doesn't follow the smooth path we hope for. Terminating a real estate contract can be a tough decision, often accompanied by feelings of...