When you agree to buy or sell a property in England or Wales, the law rules that a formal procedure needs to take place as part of the transfer of legal ownership from the seller to the buyer. This is called a conveyance.
There are a number of key steps which need to be carried out as part of a conveyance. All of them are designed to ensure that both parties in a transaction have all the key information they need about each other and the property to ensure they are making informed decisions.
Issuing and receiving a draft contract pack or the ‘contract papers’ is a key stage in a conveyance.
Draft Contract Pack
The seller’s Conveyancer is responsible for putting together the draft contract pack, also known as ‘contract papers’ or the ‘contract documentation’, once they have received the completed forms from the seller.
Once the contract pack is received by the buyer’s Conveyancer, the Conveyancer will order the searches. The Conveyancer will then begin the process of ‘Title Check’, which is a review of all the information relating to the property. The Conveyancer will then provide the client with a detailed report and a copy of the contract pack.
It is likely that following the Title Check and the contract, there will still be matters which need to be resolved. The Conveyancer will raise enquires with the seller’s Conveyancer to find out more information and will communicate responses to the client.