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Moneyextra.com Dictionary
Contract - Housebuying
Contract - in a housebuying context - is the written agreement between the seller and the buyer to transfer ownership of the property from the former to the latter.
It is a legally binding agreement for sale.
In two identical parts one signed by seller and one by purchaser the two parts are exchanged exchange of contracts. Once both parties have signed both are committed to the transaction.
See also contracts race. See also Mortgage Centre and Mortgage comparison Service for the latest facts and figures. ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com