As the exact wording and terms haven't been agreed between a buyer and seller yet it's known as a 'draft' contract. It's a key part in the conveyancing process as this initiates the conveyancing and gives the buyer's solicitor an early indication of what their client is purchasing.
As well as the draft contract, the homeowner's solicitor will also send the buyer's solicitor the following:
- Memorandum of sale from the estate agent.
- A property information form, giving key information on the home (this could save the solicitor from many of the preliminary enquiries).
- Fixtures, fittings and contents form, telling you what items and fittings are included in the price and which will be removed. The buyer should agree with the seller what is to be included and make sure everything is mentioned in form.
Even though items may have been agreed in the fixtures and fittings forms, buyers and sellers can always renegotiate until exchange of contracts. However, if this effects the sale price then this can cause delays.