Standard terms

Date

Left blank until exchange; inserted on exchange when contract becomes binding.

Seller & buyer

Full names and legal status of both parties.

Property being sold

State whether freehold/leasehold, full address, and attach property plan.

Registered land

Insert Land Registry title number.

Unregistered land

Insert root of title (conveyance date and parties).

Latent incumbrance

Hidden third-party right not discoverable on inspection.

SCS disclosure

Seller must disclose latent incumbrances + Land Registry/Land Charges/Companies House burdens affecting the property.

SCPC disclosure

Seller only discloses latent incumbrances; buyer carries out own searches.

Specified incumbrances

Incumbrances listed in the contract which bind the buyer on purchase.

Mortgage

Do NOT include existing mortgage as an incumbrance; seller redeems it on completion.

Physical defects

Need not be disclosed if visible on inspection (buyer beware), unless deliberately concealed.

Title guarantee

Seller gives either full or limited title guarantee.

Full title guarantee

Seller has right to sell, will transfer title, assist registration, and knows of no undisclosed burdens.

Limited title guarantee

Seller only promises they have not created or knowingly allowed new burdens; common for non-owner sellers (e.g. PRs).

Completion date

Default is 20 working days after exchange unless parties agree another date.

Timing of completion

Completion must occur by 2 pm; after 2 pm completion is deemed the next working day and is delayed.

Failure to complete

Defaulting party pays contract rate interest until completion.

Contract rate

Interest payable for late completion (default Law Society rate = 4% above Barclays base rate unless amended).

Purchase price

Must be stated in the contract; SDLT is calculated on this amount.

Fixtures & fittings

State separately from purchase price as SDLT is not payable on them.

Deposit

Default 10% payable on exchange (can be varied by special condition).

Stakeholder

Seller's solicitor holds deposit for both parties until completion.

Agent

Seller's solicitor can release deposit to seller before completion; buyer may recover it if necessary if funds remain.

Agent holding

Benefits seller but risks buyer because funds may be dissipated.

Stakeholder holding

Safer for buyer because deposit remains in solicitor's client account until completion.

Seller's entitlement to deposit

Seller is not fully entitled to the deposit until completion.

Balance

Section showing the remaining purchase price payable after deducting the deposit.