Mortgage Knowledge Base
The conditions of sale are the terms and conditions that apply to the sale of a property. These terms may be set out in the contract of sale, which is a legally binding agreement between the buyer and the seller.
The conditions of sale will typically include:
- The purchase price: This is the amount of money that the buyer agrees to pay the seller for the property.
- The completion date: This is the date on which the sale will be completed and the buyer will take possession of the property.
- Any special conditions: These are any additional terms or conditions that apply to the sale, such as the inclusion of certain items or the requirement for the buyer to obtain a mortgage.
- The seller’s obligations: The contract may set out the seller’s obligations in relation to the property, such as the requirement to empty the property and leave it in a certain condition.
- The buyer’s obligations: The contract may set out the buyer’s obligations, such as the requirement to pay a deposit and complete the purchase on the agreed completion date.
It is important for both the buyer and the seller to be aware of the conditions of sale and to ensure that they are adhered to. If either party fails to meet their obligations under the contract, it could lead to legal action.
