Preparation of purchase & sale contracts
We consider that having a signed contract for the sale or purchase of your property is essential.
To begin with, it may seem obvious, but the contract must be dated correctly. Then, the full details of both parties must be included specifying who is the vendor and who is the purchaser.
As well as the address, the contract must include the registry details for the property along with the catastral reference number for identification. Please make sure you check the details with your legal representative.
Very importantly, it must state the price agreed between both parties for the sale/purchase of the property and an estimated completion date.
We always recommend that the agreed deposit is made on the same day that the contract is signed, or at least in that same week. This way the transaction is confirmed and we can continue with the conveyancing procedure.
Any second payments before completion should also be included to the contract.
To avoid any future problems or conflictions we would recommend including an inventory which will also be signed by both parties.
Very importantly, please check that you are aware of the penalty clause. This clause explains the consequences if either party should decide not to proceed with the transaction of the property.
Another important point that we recommend is for both parties to sign EACH page of the contract.
Please make sure you check with your legal representative all the costs and taxes involved in the purchase or sale of your property. We will be willing to help with any queries.