What is a Conveyancing Contract
- August 17, 2015
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The contract is the document drawn up by the seller solicitors and sent to the buyer solicitors for amendment or approval. It is also the final document which the parties will use to ‘exchange contracts’ and bind the parties to proceed to completion. It contains not only specific conditions drafted by the lawyers but also a set of Law Society produced contract conditions to which the vast majority or residential sale contracts are subject. The normally known as the standard conditions of sale 5th Edition. These include the most foreseeable eventualities which could arise in a conveyancing transaction and includes clauses such as what would happen on a ‘late completion’ and ‘who is responsible for insurance’.