The Property For Sale By Owner Contract is designed for use in England and Wales when property owners wish to sell their property directly to buyers without using an estate agent. This approach, often called 'private sale' or 'FSBO (For Sale By Owner)', can reduce selling costs but requires a properly structured legal agreement. The contract must comply with English and Welsh property law, including the Law of Property Act 1925 and Land Registration Act 2002. It includes essential elements such as property description, price, payment terms, completion date, and various warranties and representations about the property's condition and ownership.
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1. Parties: Details of seller and buyer including full legal names, addresses, and contact information
2. Background: Context of the sale and brief overview of the property transaction
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Property Description: Detailed description of the property being sold including address, title number, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, deposit requirements and payment schedule
6. Completion Date: Agreed date for completion of sale and key timelines
7. Title Guarantee: Seller's declarations regarding ownership and right to sell the property
1. Fixtures and Fittings: Detailed list of items included or excluded from the sale, to be used when specific items need to be clearly identified
2. Conditional Clauses: Special conditions that must be met for sale completion, used when sale depends on specific circumstances
3. Property Maintenance: Obligations regarding property maintenance until completion, used when there's a gap between exchange and completion
4. Planning Permissions: Details of existing planning permissions or restrictions, used when relevant to the property
1. Schedule 1: Property Details: Full legal description of property including title number, boundaries, and registered details
2. Schedule 2: Fixtures and Fittings List: Comprehensive inventory of items included in or excluded from the sale
3. Schedule 3: Property Plans: Official plans, boundaries, and any relevant planning documentation
4. Schedule 4: Energy Performance Certificate: Current Energy Performance Certificate and related energy efficiency information
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