All about the purchase contracts

If the parties do not sign agreements at the time of purchase

If the seller and the buyer do not write a contract or agree on what applies to the purchase, the provisions of the law apply. Instead, the parties draw up a contract on which they have agreed.

The advantage of a written agreement is that it serves as a reference document to resolve potential disputes or disagreements between buyer and seller before filing court cases. Another advantage is that buyers and sellers during the drafting of the contract review all aspects inherent to the transaction (financial component, component, legal, technical component …). If the buyer does not agree on one of the points, he has the right not to sign the contract.

The rights of the buyer if defects appear in the sold goods

The precise description of the property to be sold in the contract is essential to avoid any problems afterwards. Otherwise, it can be very difficult to resolve them amicably thereafter. If the description of the property specified in the contract does not exactly correspond to the property in fact, the buyer has the right to complain. All defects that are not negligible give the buyer the right to address certain requirements to the seller like a corrective action, a right for the buyer to obtain compensation, corresponding price reductions the cost of the repair and, in the case of a more serious defect, the possibility of canceling the contract.

The buyer must notify the seller of defects within a reasonable time from the time he discovered one and at the latest two years after the real estate purchase by using www.laforet.com/.

In addition, the buyer is entitled to damages if he can show that the defect found in the property or the delay in its delivery has caused him economic damage (which must be quantified).

Prices and liability rules

An important point for the seller and even for the buyer is to ensure that the correct price of the property is indicated in the contract in addition to the date and terms of payment agreed with the buyer. Another important issue to consider is the disclaimer. For example, a provision in which the buyer disclaims any liability for defects not discovered at the time of sale of the property.

Measures related to the purchase

In addition to the contract itself, it may sometimes be necessary to take other measures to transfer ownership from one owner to another. It is essential to include in the contract all aspects related to this component.

Why not contract templates?

On the Internet you can find several models of purchase agreement. But it is strongly recommended to entrust the drafting to an expert in the legal field (notary, lawyer …) because each real estate transaction has its own specificities.

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