What is a Counterseal in Conveyancing?

Counterseal is a term used in the context of legal documents, particularly in the field of conveyancing. It refers to a document that is prepared by the purchaser's solicitor and sent to the vendor's solicitor, outlining the terms and conditions of the sale.

The purpose of a counterseal is to confirm the acceptance of the offer made by the purchaser and to provide a clear and comprehensive outline of the terms of the sale. It typically includes details such as the purchase price, any deposits or other payments, the date of settlement, and any other conditions or stipulations that have been agreed upon by the parties.

Once the vendor's solicitor has received the counterseal, they will review it and prepare a draft contract for the sale. The draft contract will be based on the terms outlined in the counterseal, and it will be sent back to the purchaser's solicitor for review and execution.

In summary, a counterseal is a document that confirms the acceptance of an offer to purchase a property and outlines the terms and conditions of the sale. It is an important part of the conveyancing process and helps to ensure that both parties are clear on the terms of the sale before proceeding with the transaction.