Purchase property sales contract
Both the seller and the buyer have right to notarize this contract, without another part could refuse.
What should be mentioned in this contract ?
Identification of the parts, the buyer and the seller, figuring, at least, name and surnames, age, address and NIF or NIE, CIF, Passport number, marital status and in case of juristic person statement of which the person who signs is his legal representative. Recognition of the legal capacity to act of both parts.
Identification of the property, with planes, being specified his boundaries, description and valuation of the possible annexes, surface.
Mention of the seller deeds, Land Registry and Cadastral reference and all kind of encumbrances or mortgages.
Fixtures, and fittings list
Conditions of the purchase, figuring his price exact and detailed with separation of the taxes if there was applied.
Possibility of coming undone of the contract and under what conditions and requirements.
The moment of delivery of the keys.
Form of payment, specifying the partial payments, quantities, period, and distribution of the expenses, legal fees etc.
What is the common practice regarding this contract ? Vendor give us a standard contract but we could modify it.
What happens with the fittings, fixtures and chattels ? They must be expressly stated and specifically identified in the contract
The contract should contain appropriate defeasance clauses making clear the circumstances under which you reserve the right to pull out of the and have your deposit refunded. These might determine, for instance, that you can pull out if you are unable to secure a mortgage, if the results of the legal searches are unsatisfactory, or if planning permission is not forthcoming; and that the seller must clear all debts relating to the property before the deed of sale can be signed.
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