What are Draft Contracts?

One of the first parts of the conveyancing process is drawing up a draft contract, but what’s that you may ask? Our guide makes it clear!

Sale contract

When you shop in a supermarket, you enter into a contract with the supermarket by paying it money in exchange for food or drink and it’s no different when you buy a property. It’s very clear on your supermarket receipt the list of groceries you shopped for. The same applies to a property contract – it must be clear. The contract will set out the full names of the sellers & buyers, a property description (usually the property address and a Land Registry title number), the agreed price and the deposit amount.

You’ll wonder why certain parts of the contract are left blank. This is because the date of the contract and the completion date are only filled in when all parties are ready to commit.

Small print applies to the contract, normally the Standard Conditions of Sale (Fifth Edition). Think about all of the online shopping terms and conditions you have seen! Standard Conditions of Sale and conditions are along the same lines and save hours of negotiation.

Any contract clauses which apply only to the property will be explained to you.

Why is it called a draft contract?

It’s a draft contract until the contents are agreed by the conveyancers. Then it’s called an agreed contract! Most contracts are in a standard form so usually this is a formality.

Who prepares the draft contract?

The seller's conveyancer prepares it. Before it can be sent to the buyer’s conveyancer the seller needs to return forms/supply information. Any delay completing/returning forms will impact on time a transaction takes and impact all the way up the chain if there is one.

Property Information form (TA6 Form) 

This form gives the buyers and their conveyancers important information about the property for example any alterations to the property, details of flooding, parking, planning consents, disputes plus much more. It’s really important that all information provided on the form is accurate, as this is relied upon by a buyer when deciding whether to buy a property. If the seller is MoveReady, a lot of this information should have been provided at the point when the property was marketed, however it's important to review all the information in the contract to ensure it's accurate and as expected.

Fixtures & Fittings form (TA10) 

This form contains a detailed list of items at a property that a seller will leave, remove or sell (by negotiation). The list covers each room and is completed by the seller and sent to the buyer via conveyancers. As a buyer it’s really important to check the form and make certain it lists all the items that you were expecting to be included in the property price! Tell your conveyancer as soon as possible if not.