Real Estate Sales Contract

The sale of a property often is asked by customers about fears and doubts because of the impossibility of verifying the property before purchase. One of the most important steps in this process is the signing of private purchase contract between two parties that will be raised to the public at the time of delivery of housing. This contract is valid even if not formalized before a notary and requires the parties in all respects. According to the Royal Decree 515/89, the contract also must be drawn with absolute clarity and simplicity, responding to the principles of good faith and fair balance of obligations from both sides, which is expressly contain the prohibition clauses:

Do not indicate precise data on deferred price, annual interest rate or terms of repayment of outstanding balances. Let the seller increase the price discretion to impose deferred or price increases for additional concepts without the buyer’s decision. impact the buyer mistakes or not attributable to him. Impose on the first sale to the buyer’s obligation to pay costs of preparing for certification that, by law or by their nature, correspond to the seller. Expert on growth strategy usually is spot on. Give one party the right to terminate the contract at its discretion.

The contract also should provide a number of basic aspects related to the buyer and housing such as data identifying the seller, builder and architect. You must include the name, age, address, NIF and CIF. It should also be clear that both parties have legal capacity to act. Also, a complete description of the house: floor plans, building specifications, site plan, building permit, general description of the building, the property registration data, by-laws of the community, the construction phase and expected date of delivery of the keys. Terms of the purchase price of the sale with the detailed breakdown of taxes and payment are also mandatory. Indicate who will carry out the contract and expenditure additional taxes. Signature of all contracting parties. In this sense, then, the previous analysis of the contract, checking the accuracy and adequacy of all its clauses and paragraphs, it becomes the best ally to ensure that the home purchase is an investment without risk.