.: SERVICES :. Seymour Major Solicitors .:

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MOVING HOME

Advising you on the contract

Many people wonder why contracts to buy a piece of land should be so complicated. After all, one party agrees to buy it and one agrees to sell it at a particular price. Should it be so complicated? Unfortunately, it is more involved than that. There is usually a lot at stake for both parties. Many of the conditions relate to time and timing. There is usually a fixed date for completion (closing the sale) in the contract. Many of the conditions in a contract flow from the completion date and many of the conditions are there in case something goes wrong. Unfortunately, there are a lot of things that can go wrong. There are sanctions in the contract for breach of contract. Practically all contracts provide for a deposit as a part payment of the price. However, the deposit is more than just a part payment. It is also security for the contract. Ultimately, it can be forfeited if the buyer ultimately fails to buy the property.

If you are buying from a developer, the contract is much more involved because it involves a building specification. In most building contracts, there are conditions that the builder has to take out collateral warranties to cover failure by the builder to build the property or building defects.

These are just some of the things that might be involved in a contract. There are similar conditions in most contracts but every contract is unique..

If we acting for you as a buyer, before you proceed with signing the contract, we will deliver to you a written report on the contract with copies of documents such as maps/plans, guarantees, contents form etc.. The report itself will draw your attention to all of the essential conditions of the contract. If there is anything in the contract which we consider to be against your interests, you will be told that too.

If we are acting for you as a seller, the contract will have been based upon your instructions. If we have been forced through negotiation to make changes which would not have appeared in the draft, they will be drawn to your attention if they adversely affect your interest in any way. Finally, we will always do a final check with you for any updated instructions before we ask you sign the contract.