A contract pack is a set of legal documents, which is given to the buyer’s conveyancer by the seller’s conveyancer. This is an essential step in the process for both residential and commercial conveyancing. Due to the contents of a contract pack, it serves multiple purposes in guaranteeing the sale and purchase of a property.
In this blog, we’ll be breaking down all there is to know about contract packs in property conveyancing and why they’re so important.
What does a contract pack contain?
The contract pack contains a variety of legal documents, each relating to different aspects of the sale.
Property Information form (TA6) and Fixtures, Fittings and Contents form (TA10)
It is a legal requirement both these forms are completed by the seller. The TA6 should contain information on all areas that relate to the property itself. This includes boundaries, insurance, planning permission, utilities, alterations, and informal agreements. This form should also contain details of any certificates, warranties and guarantees relating to the property.
The TA10 contains details of smaller property features. Examples include fixtures and fittings in the kitchen, bathroom, garden, or carpets and curtains throughout the property. In both cases, it’s recommended that buyers check this information before the contract pack is sent off. This ensures there aren’t any discrepancies.
Contract of sale
A standard document in conveyancing, the contract of sale contains details around the sale itself. Such as the property address, title number, price agreed, and the names of the buyer and seller. This contract can be adjusted by conveyancers on either side of the transaction before the Exchange of Contracts.
Leasehold information Form (TA7)
This form contains a list of questions and answers that are relevant to the leasehold property. This includes details about its management, insurance, maintenance, and possible service charges.
A contract pack will contain the title register and title plan, as provided by the Land Registry. The pack will also include any documents referred to by the title register, such as any transfers and conveyances. For leasehold properties, a copy of the lease will come with the title documents.
What is the purpose of a contract pack?
A draft contract pack is exactly that – a draft. It is designed to give conveyancers all the information they need to carry out their work. Among the most important property conveyancing services here is raising enquiries. This lets the buyer’s conveyancer ensure they are getting the best deal for the buyer.
As a buyer, you will have a significant input in the contract pack. The buyer should take time to check that all the items enclosed are essential features of the property. The seller also has a part to play, as they are responsible for sending the contract pack to the buyer. This typically takes two weeks. However, it can take additional time to gather the information for the contract pack and complete the Law Society’s protocol forms.
For the seller’s conveyancer to be able to prepare a contract pack, they must have the following:
- A formal instruction to sell the property.
- A Memorandum of Sale. This will come from the estate agent or private seller and serves as official proof that the sale has been agreed upon.
- A completed TA6 form or, where appropriate, a TA7 form.
Expert property conveyancing Cramlington
Whether you’re sourcing all the relevant information for a contract pack or reviewing its contents, Toomey Legal are here to support you. We’re an experienced law firm providing conveyancing and contract pack conveyancing services in the north east. Over years, we’ve established ourselves in the area by helping people sign off on their dream homes and execute commercial transactions hassle-free. Contact us today.