The purchase of an apartment is an important decision, which implies a piece of good information about the legal procedures involved. In order to avoid certain unpleasant situations, prior to the drafting of a contract, a sale-purchase contract is made. Despite the fact that its preparation is not mandatory, our recommendation is to do it, because it will bring you added security.
What is the pre-sale-purchase contract?
A sale-purchase contract is a legal act that obliges the parties involved in the transaction to conclude a sale-purchase contract when the conditions of the pre-contract are met. In other words, for the current owner, it is a safety measure that the potential buyer will not change, and for the buyer, it is a guarantee that the apartment will not be sold to another person in the meantime. Such a pre-contract is concluded with a notary public.
What types of pre-contracts exist?
The persons involved in the sale-purchase process can conclude a pre-contract:
- Bilateral: it imposes rights and obligations for both entities involved in the transaction
- Unilateral: it involves rights and obligations for only one part of those involved in the transaction
What are the advantages of a pre-sale-purchase contract?
As we have already mentioned, the pre-contract is not a mandatory act, but it does provide some guarantees to the parties involved.
The main advantage is the fact that all the negotiated components are written down: the price of the apartment, the value of the advance offered, obligations of the parties involved, the seller’s prohibition to alienate another person’s apartment, but also the buyer’s prohibition to withdraw the offer to buy the apartment. Usually, in the latter situation, the potential buyer loses the advance offered if the transaction does not continue, and the owner financially compensates the buyer if he does not keep his word.
Thus, this pre-contract can be used in court, in the event of misunderstandings. Both parties can pay damages if they do not comply with the pre-sale-purchase contract.
What are the necessary documents for the preparation of such a pre-contract?
As a rule, you need the following documents:
- The identity documents of the buyer and the seller
- Property documents of the apartment
- Extract from the land book for information
A pre-sale-purchase contract can be terminated by the agreement of both parties involved or by termination by the party that has fulfilled its obligations.
What do you need to be careful about when you conclude a sale-purchase contract?
To avoid unpleasant situations, do not superficially treat such a document. We recommend that you pay attention to the following:
- Information such as the condition of the apartment upon delivery, the documents, the term of delivery, the pieces of furniture included (if applicable), the date on which the sale-purchase contract will be concluded, etc.
- Information regarding the refund of the advance in case the parties involved do not fulfill their promise, but also the penalties involved.
- Identification information: Make sure all the data in the pre-contract is correct
Although drafting the pre-contract is not mandatory, we recommend that you do so, to ensure that you will have a pleasant trading experience, which you will fondly remember.
