HEADS OF TERMS
GRANT OF A PURCHASE OPTION TO INVESTOR BY OWNER
Owner’s Name (1)____________________________________________________________
Property Address: ____________________________________________________________
Purchase Price: £______________/or Amount to discharge all loans upon completion (Delete as appropriate)
Owner’s Address if different from above: _______________________________________________
Owner to be legally represented: Yes No
Details of solicitor acting for Owner: ___________________________________________________
Option Period: _____________ Months or TERM of the mortgage.
Estimated start date: __________________________________
Option Fee paid to Owner by Investor: £________ Pounds _______________ only.
Owner Mortgage Lender name: _______________________________________________________
TERMS & CONDITIONS OF PAYMENT
1. An additional payment of £_____________ Pounds __________________________________only will be paid once all the outstanding loans and credit cards are sorted out with respective lenders.
2. Owner agrees to allow unrestricted entry to the property stated above.
3. Investor agrees to pay the monthly mortgage from ______________________.
4. Investor agrees to pay the minimum amounts towards the respective loans & credit cards from ___________________________________________________.
5. Owner agrees to allow investor to collect all rents from present tenants from _____________________________________________
6. Investor agrees to pay Council Tax, Water Bill, Electric & Gas Bill from the date the property is handed over in a vacant position.
7. Owner agrees to give all keys to the Investor on signing of this agreement.
8. Sale will only take place once the Freeholder has been located and necessary long term lease has been created. All cost will be shared equally by Seller and Investor.
9. Vendor agrees to assist the Investor in all matters pertaining to the property so as to make the property sellable in terms of the lease, renting the property and an agreed sale within a given time frame of 12 months.
This agreement has been agreed by both parties today the 14th April 2014.
SELLER IS ADVISED TO SEEK LEGAL ADVICE FROM THE CITIZEN ADVICE BUREAU OR ANY OTHER ORGANISATION OFFERING HELP WITH SUCH MONEY MATTERS. THIS AGREEMENT WILL BE BINDING ON BOTH PARTIES.
Owner’s Name: ___________________________________________________________________
Investor’s Name: ___________________________________________________________________
Witness Name: _____________________________________________________________________
Address of Witness::_________________________________________________________________