What are the Heads of Terms?
This is the first document involved in the sale of a commercial property, the document will state the terms of the sale which both the seller and purchaser agree to. The Heads of Terms usually cover the following points:
- Time limits on completion
- Conditions of the proposed purchase
- Sale price of the property
Whilst not legally binding, the Heads of Terms are useful as an initial understanding and the main points of the sale agreement.