A sales contract, usually abbreviated as a SPA, is a legal contract that imposes the conditions that are appropriate for a seller and a buyer of a particular property for the sale and purchase of a property. Basically, it is the document that binds the two parties under legal conditions, as required by the country`s property laws. As a legal document, a sales contract (SPA) must be signed in the presence of a lawyer. This is done to ensure that the seller and buyer receive a thorough understanding of the essential clauses described in the document. Can a lawyer act for the buyer`s seller, buyer and lender? A lawyer can only act for one party in a transaction, but testifies to the execution of documents/instruments by a party. A sale and purchase is a transaction and a loan is another separate transaction. Therefore, a lawyer can act for a seller or buyer, and also for a lender or borrower. However, the lawyer concerned should consider possible conflict of interest situations. Lawyers are linked to the 1991 Order of Compensation Solicitors (OAR) and there is a fee of scale for all transfers of transactions and secure banking transactions made by a lawyer. Lawyers cannot give discounts.
If a lawyer gives a discount on fees, he or she could expect disciplinary action. There are fixed scales for legal fees if you hire a lawyer as a seller or buyer. (This is only indicated for fees and does not include payments). 8. Solicitors Remuneration Order 2006 (to view or download) 9. Client Guide Documents/Information you must provide buyer/buyer lawyers The practice of mediation is that if the seller has appointed a lawyer, the buyer`s lawyer will contact the seller`s lawyer to agree who will prepare the SPA. The reason is that section 16 of the decisions of the counsel regarding the intermediation of practices stipulates that the seller`s lawyer prepares and provides the contract of sale and sale, unless the parties agree otherwise. This section of the Purchase and Sale Contract (SPA) contains basic information about the parties to the transaction.