The property sales contract is one of the most important that you are going to sign. Here we tell you the clauses that you must include.
The clauses of a property sales contract can be confusing and difficult to read, but this does not mean that you must accept everything they say without reading them.
Below we share the most important information that your contract must contain so that, when it is your turn to sign, you can read it with a previous idea and thus avoid future problems.
What should the contract of sale of my house include?
- Buyer and seller details
- Property details
- Sale price and payment method
- Property delivery date
Buyer and seller details
The first thing that the property purchase contract must carry are the full names and address of those involved in the transaction. Generally they will be yours and the seller’s.
Likewise, the seller must provide all the information to verify the legality of the property title and demonstrate its ability to make the sale.
These data will be very useful in case there is a problem in the future.
The characteristics of the property you are acquiring must be described (the registration number, the exact location, the square meters of the land, the square meters of construction, etc.).
In the same way, the commercial value of the home will have to be specified and, in case the seller knows and has informed you that the property has a lien, its existence and the date on which it will be canceled must be indicated.
The seller must also state that they provided you with all the corresponding information and documentation on the house; and confirm that the property was built with the appropriate materials and has the correct installation of services.
Sale price of the property
The exact amount that you agreed with the seller to acquire the property in Property news must be established, as well as the date and manner in which the payment was made or will be made, whether it is in cash or by electronic transfer, and through one or more payments.
Property delivery date
By the time the purchase agreement is signed, the property already belongs to you legally. However, the delivery date may be later than the signature date and therefore it must also be indicated.
A post-signature delivery date may be due to maintenance, repair, or because the home is still under construction.
The taxes to be paid must be stipulated, whether for rent or for the acquisition of a property, as well as the cost for deed fees.
The way in which both the buyer and the seller can be penalized for any breach of the clauses established in the sale contract.
An example of these breaches may be that the seller does not deliver the property to you on the date established in the contract or, in your case, that you do not comply with the agreed payments.
Remember that when you sign the contract you while buying property in park view city islamabad will be giving your approval of everything stipulated. That is why it is important that you understand and agree with everything that is established in it. If you have any questions, ask your notary or real estate adviser.
We recommend that after acquiring your property, you register it with the Public Registry of Property and Commerce. Find out why it is important and how to do it here .