I have heard about DEED and CONTRACT.
But when you are going to buy a house here / in England, do you need to sign both documents OR either deed or contract in some occasions. I get confused.
I wish to know more for my knowledge. Can anyone advise?
carriewarr
24-02-2005, 17:58
I'm not a lawyer, but have bought a couple of houses in my time.
The contract is the agreement between you (the purchaser) and the seller which sets out terms under which you're buying the house. These are fairly standard, and will state the price you're paying for the house, and the fixtures and fittings that the purchaser is including.
The deed is a Land Registry document which outlines details of the property itself. The site boundaries, any covenants on the property etc. I don't think you actually sign the deed itself, but do need to sign the transfer document that transfers the ownership of the property from the seller to the purchaser.
Does that make sense?
Cheers, Carrie
The 2 main documents that you sign the Contract of Sale, and a TR1 transfer document.
You don't sign the Deeds, which are normally incorporated into the Land Registry Title these days. The TR1 makes you a party to the Title.