A draft contract conveyancing refers to a legal document that outlines the terms and conditions of a property transaction. It is a document that is created by the seller`s solicitor, but it can be modified by the buyer`s solicitor before it is signed.
A draft contract conveyancing typically includes important information such as the sale price, property boundaries, and any restrictions or covenants that may affect the property. It is an essential component of the conveyancing process, which is the legal process of transferring property ownership.
When a property is listed for sale, the seller`s solicitor will create a draft contract conveyancing that outlines the terms of the sale. This document will include the sale price, the property boundaries, and any other important details about the property.
Once the draft contract conveyancing is completed, it will be sent to the buyer`s solicitor for review. The buyer`s solicitor will carefully review the document to ensure that it is fair and reasonable.
If there are any issues or concerns with the draft contract conveyancing, the buyer`s solicitor may request changes to be made. This could include negotiating a lower sale price, adding additional clauses to the contract, or changing the terms of the sale.
Once the buyer`s solicitor has approved the draft contract conveyancing, it will be sent back to the seller`s solicitor for final approval. Once both parties have agreed to the terms of the contract, it will be signed and the property ownership will be transferred.
In summary, a draft contract conveyancing is a legal document that outlines the terms and conditions of a property transaction. It is an essential component of the conveyancing process and is important to ensure a fair and reasonable transaction for both the buyer and seller. If you are buying or selling a property, it`s essential to work with experienced solicitors who can guide you through the process and help ensure a successful transaction.