Simply, it is the transfer of real property from an owner to a purchaser. As part of that process, a Vendor Statement is prepared by the vendor via his Licensed Conveyancer and provided to the purchaser. This document informs the purchaser all relevant details about the property they are about to purchase. It is preferable to engage a Licensed Conveyancer at this point to assist in understanding the wording contained therein prior to signing anything.
Once the parties agree on a price, deposit, settlement date, a Contract of Sale is prepared by the Licensed Conveyancer or Real Estate Agent (if applicable). Again is crucial that the purchaser understand the content prior to signing. Once signed the Contract is legally binding. The Licensed Conveyancer ensures that all relevant documents are produced, signed and exchanged in their timely manner pursuant to the General Conditions (Part 2 being Form 2 prescribed by the Estate Agents (Contracts) Regulations 2008).