Purchase Agreement - The Most Important Document

The purchase or sale of a property is an act of paramount importance. Thus, a purchase contract written in the rules of art and in accordance with the law, must be established between the seller and the buyer. The purchase agreement specifies the conditions of purchase and the responsibility of each party. One of the basic information that must appear in this type of contract, the purchase price is the price of the property object of the transaction. The buyer can pay the price of the property, for example by making a bank transfer to the seller's account or by buying the loan with which he bought the property in question. In this case, it is important to discuss the matter with the lender. When the purchase contract is written and signed by both parties (buyer and seller), the transaction is legally binding. But one of the two parties could retract under certain conditions. When the purchase contract is signed, a deposit is usually given to the seller by the buyer. The down payment can be considered as a guarantee for the seller if the buyer renounces the purchase. The down payment is generally 10% of the purchase price, but may vary from case to case.

The purchase letter - The receipt of the purchase

A purchase letter is usually issued in connection with the purchase price paid. This letter serves as a receipt in cases where the payment takes place after the purchase contract has been signed. However, no purchase letter is necessary if the buyer pays at the time of signing the contract and if the purchase price is recognized directly on the contract. It is important that the seller does not recognize the agreed amount until full payment of the purchase price.

Duty to investigate the buyer

The buyer has a rather important duty of investigation, which means that the seller is not responsible for defects in the property. It is therefore important that the buyer performs such work before the purchase. Preferably, an inspection of the property should be carried out by an approved expert.

Effective transfer of ownership and title

In the context of the sale of properties, the transfer must be registered with a notary so that the buyer can obtain the title of ownership and thus be registered as owner. This must be done within three months of the date of purchase of the property. The application for registration of the purchased property is the responsibility of the notary. To assert his rights, the buyer must submit an application and the original purchase contract or a certified copy. If the purchase letters are sent, mention the purchase contracts, the original contract or a certified copy must also be submitted. The same applies if the purchase contracts submitted mention purchase letters to be sent (originals or certified copies).