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Munchkin | What is a draft contract? |
It will be 3 weeks next monday since we accepted an offer on our house. The couple who are buying it have yet to get a valuation report done let alone a survey organised. I rang up the estate agent who told me the couple have not received a draft contract from my solicitor yet. Surely the valuation and survey need to be done before we can start putting a contract together? What is a draft contract and am I being fobbed off by the estate agent and/or buyers? |
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crazy chick
|
A draft contract is a contract that is drawn up by your solicitor and sent to the other solicitor, in it it has all the details about your property i.e water rates, electric charges and council tax bills. Also any other information that is requested by their solicitor. A survey can be carried out by their mortgage lender while this is being prepared although your solicitor should have sent the draft contracts out as soon as they here from the other side to say that have been instructed by their client. If i was you i would ring your solicitor and find out why they have not yet sent this as it is very important that it is asap as the other solicitor needs it to work from.
If you need any more help just contact me xx |
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Bulle Rouge
|
draft means it is yet to be agreed and finalised, ie the first issue for approval by the signing parties. Early days yet |
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Victor Ludorum
|
It is a provisional contract drawn up for consideration by both parties and when agreed, the Final contract can be prepared |
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Helen C
|
Yes and No. It can take time to get a survey carried out and a mortgage offer to come thru. But to wait three weeks for a contract from your solicitor is a long time. Your purchaser's solicitor will be unwilling to run up fees before he even has a contract from your solicitor. Ring your solicitor and ask what's the hold up, has he issued draft contract (and other relevant papers) yet, if not why not. He might be waiting for your deeds from you bank. Dont be afraid to talk to your solicitor, that's what your paying for. And if your paying the agent's fees to sell your house use them as much as possible too, make them earn their money. Three weeks, you should be almost ready to exchange not still issuing basic draft papers. |
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Heather
|
a draft contract is a contract that has been drawn up with all the relevant details and names on it, that needs to be signed by the other party. If your solicitor hasn't sent it they can't sign and the sale can't proceed. I would phone your solicitor and ask if it has been sent, that way if there making excuses you can put the house back on the market if they show no signs of completing within an agreed time.
they don't have to have a survey done if they don't wish to, however it does seem a bit silly. |
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alan99lewis
 |
It's something that you can roll up and put along the bottom of the door to stop the breeze coming through. |
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optionnumber8
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draft contract is a contract which is first put up and the buyers have to either approve it or ask to have changes made to it, and then it comes back to you. just because you accepted the offer doesn't mean the deal is closed. they have to agree to the contract will all the clauses and valuations and the survey done. this means they can still back out if something comes in and is not to their approval. your lawyer is being slow not your real estate agent. the agent wants to close as soon as possible make his money and move on. so kick your lawyers asse or get a new one. the couple are waitin on your lawyer too at this moment |
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mo
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A draft contract is one which is made up with all details they have but because it is a draft is not the one which is signed, it means they show it to usually both parties and they look over it and change any details they need to and then when it is approved by each party an engrossment of he contract is done which is the deed which will be signed by both parties and witnessed. |
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burning brightly
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Your estate agent has to produce a document that shows your intention to sell and any or known problems which can affect a home such as local county or council documentation that may affect your home and without the relevant documents it is usless the buyer spending money on survey or valuation reports tel your soliciter to get a move on. |
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