Draft contract - why?

pledgeX

I've had an offer accepted on a house, had all the searches done, had the valuation and survey done, and have received a mortgage offer.

I've been given a draft contract from my solicitor but I'm not really sure what the purpose of it is. Does this tie us into anything? All it really has on it is a page of info about people's names involved, the address of the house, purchase price, deposit (10% to solicitor, not full deposit of house) and 2 pages of special conditions.

The reason I haven't already signed it is that I still have questions about the house. I'm awaiting a couple of certificates for boilers/electricity/FENSA bits as well as a couple of questions about things mentioned on the survey. Do we need to have all these ironed out before we go any further or is it ok to sign the draft contract now and proceed with these questions after?

Sorry if this is a silly question... FTB

Thanks.

G_M

It's a DRAFT. You check it to make sure there are no mistakes. If you and your solicitor are happy with it then that will be the wording on the contract which in due course you'll be asked to sign.

On the other hand, if they've got your name wrong and you don't correct it, then the house will end up being sold to Mr Plige instead of Mr PledgeX.

pledgeX

Thanks G_M. A couple of other people have said much the same thing... check they spelt the names right and that the property address and price is ok but that's about it.

I just don't like signing contracts without knowing exactly what everything is, and this seems a bit too straightforward!

sonastin

In property purchases, you're not actually bound to do anything by the act of signing the contract. Your solicitor needs you to sign it before he can proceed with the purchase but it is only when he makes the official *exchange of contracts* with the vendor that you are then committed to the purchase.

krispy444

What has the Solicitor said for you to do with it, does he want you to sign it or just to read it. What I normally do is send a report out to the clients which includes the draft contract with a copy of the conditions so the client has a full understanding whats in the contract before they sign it. Then they are asked to make an appointment to come into the office to sign If he does want you to sign it then nothing is binding until exchange of contracts and it will sit on the file until that time. If you are not sure then ring your solicitor to ask.

Richard_Webster

What has the Solicitor said for you to do with it, does he want you to sign it or just to read it. What I normally do is send a report out to the clients which includes the draft contract with a copy of the conditions so the client has a full understanding whats in the contract before they sign it. Then they are asked to make an appointment to come into the office to sign If he does want you to sign it then nothing is binding until exchange of contracts and it will sit on the file until that time. If you are not sure then ring your solicitor to ask.

I agree - note emphasised words. He hasn't asked you to sign it without any explanation has he?