What is a contract note?
Whenever a purchaser asked an estate agent if the Contract Note they were asked to sign was an actual contract, the answer was always a firm “No”, followed by the words, “it’s only an offer, and there is no contract unless the vendor accepts it.” Technically, this explanation was true. No mere document is a contract unless it has been executed by the parties. But this was not really the question being asked. The question “Is this a contract?” was really a question about whether or not the purchaser was entering into a binding contract. But the estate agent was always able to avoid having to answer this question truthfully because the name of the document, “Contract Note” suggested that it was something less than a binding contract. The new Contract of Sale of Real Estate is appropriately titled “Contract of Sale of Real Estate”.
Contract note is a statement of confirmation of trade(s) done on a particular day for and on behalf of a client. A contract note is issued in the prescribed format and manner, establishing a legally enforceable relationship between the member and client in respect to the trades stated in that contract note. However in the case of ICICIdirect you can view the Digitally Signed Contract Note by logging in on the customer service Page. For further information on Digitally signed Contract notes, kindly refer to the FAQ on Digital Contract notes available in the normal FAQ.
