New Clause 1 - Agreement between vendor and purchaser
Homes Bill
9:45 am
`.—(1) This section and sections (Proof of ability to pay sale price) and (Withdrawal from contract, etc.) apply to an agreement between a vendor and a purchaser for the sale of a property for a price greater than £2,000.
(2) Such an agreement shall constitute a contract, which shall be binding on both parties.
(3) Where such a contract is made the vendor and purchaser shall each pay to the other party or to the agent of the other party a sum which shall not be less than £2,000.
(4) The vendor and the purchaser shall agree a date for the completion of the contract.
(5) The Secretary of State may make regulations varying the sums in subsections (1) and (3).'.—[Mr. Don Foster.]
Brought up, and read the First time.