Standard Conditions of Sale
The Standard Conditions of Sale are the standard set of terms that set out how the sale of a property actually happens.
The Conditions specify critical parts of the conveyancing process, including:
- When and how the exchange of contracts takes place
- The amount of the deposit paid at the point of exchange (usually 10% of the agreed sale price).
- Legal obligations on the seller, e.g. to sell the home "free from encumberances" such as a mortgage
- Legal obligations on the buyer, e.g. that the buyer is responsible for the property from the date of exchange (and should therefore have buildings insurance from this date)
Whether you are buying a property or selling a property, the Standard Conditions of Sale will usually form the basis of the contract that you sign. The seller's conveyancing solicitor will incorporate these standard terms into the draft contract, alongside any special conditions requested by either side.
The Standard Conditions of Sale 5th edition is the most current edition, drafted by the Law Society.
About the author
Gaynor Haliday is an experienced legal researcher and published author. She has had numerous articles published in the press and is a legal industry commentator.
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