When you want to acquire a property there are a number of things that must be mentioned in order to have a more agile, efficient and without any problems sale. Today at VillasBroker we will tell you a little about the important elements of a sales contract.
A contract of sale is basically the agreement that both parties sign during a negotiation when buying / selling an asset. In this case we are talking about properties.
This type of contract establishes things like the price of the house, the delivery period, the payment transactions, the type of payment and much more.
the best is that when a transaction of this type is made, the sales contract has everything in order so that it can work in the best way for both parties and there are no problems.
Before formalizing the sales contract, you must ensure that the following elements that rule the contracting are in order. Find out below 5 important elements of a sales contract:
Price of the property
It’s extremely important that the contract has the final price that must be paid for the house. Whether calculated by interests or by prior agreement between the parties.
In this way you avoid that they want to charge you more or pay less depending on the part you are, buyer or seller. In addition, the banking or mortgage institutions always grant credits depending on the cost of the property, so, think about it.
Important Elements of a Sales Contract: Delivery date of the property
Don’t sign or accept a contract that doesn’t have a delivery date, much less don’t have precise dates.
If in the contract it’s established that the property will be delivered to the new owner in a week, well then it is in that period of time that the house must be delivered.
If there is a delivery date, the former owners will know how much time they have to move out; so as not to have problems with the new owners, who surely will need to hire a removal service for a specific date and can’t change it just because.
List of furniture
In case you buy a property fully furnished, the contract must have attached a list with all the furniture of the property.
In this way, you can review the list and make sure that nothing is missing from the property or that they are charging you for furniture that doesn’t exist.
It also allows you to verify the quality of each of the furniture before finalizing the transaction. You don’t want to be given a piece of furniture in bad condition or that they change a table for another one similar, but older.
Contract closure expenses
The money that must be paid to the lawyer who makes the sales contract for their fees must be taken into account.
In general, the seller is the one who takes care of the cost of the lawyer’s work. However, if a prior agreement is reached, the buyer could cover the expenses in full. This is more common in new projects than in houses that are already used or built many years ago.
You can also include the cost of a broker’s fees, if there’s any hired, and a house inspector.
Establish the time of validity and circumstances that prevent the compliance of the contract
The best is that the contract also stipulate for how long it will be valid while the buyer doesn’t decide to formalize the terms. It’s usually given a maximum period of 60 days for the buyer to agree to terms and sign the contract.
In the same way should appear the circumstances that prevent compliance with the terms of the contract to return the buyer’s money. For example, major repairs that are dangerous, denial of loans, legal problems of other types and more.
We hope that this information has been very useful for you 😉