Buying Commercial Property · glossary
A short paper, usually from the agents, recording the price and main terms before the contract is drafted. It is marked “subject to contract”, so it binds nobody except the paragraphs it names, such as a lock-out. Chapter 1 · Chapter 2 · see Lock-out agreement
Explained in Chapter 1, What a Property Deal Is, of Buying Commercial Property.
The main page for this term is Heads of terms, in Commercial Leases.
Every freehold purchase follows the same steps. It starts with the heads of terms, a short paper from the selling agents that records the price and the main terms. The heads are subject to contract, but they tell the solicitors what to draft.Read Chapter 1, What a Property Deal Is →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Buying Commercial Property and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Buying Commercial Property → · All terms A–Z →