The sales promise is also called a preliminary sales contract or, to use another term, a compromise.
With the promise of sale of a plot in park view city Islamabad, the buyer undertakes to buy the real estate.
Promise of sale and preliminary contract are therefore the same thing, two different ways to identify the same concept and the same procedure.
The promise to sell a property must be made strictly in writing.
In this way the parties agree to establish the terms of a future sale.
Before signing a sales promise, you need to be aware of the consequences and obligations to be met.
In fact, all the conditions are specified in the preliminary sale promise using a facsimile specifically suitable for use, which contains all the terms that are needed.
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Who to contact
When it comes to establishing the promise of sale of a property, one should consult a specialist of Skymarketing .
In fact, we would like to specify that even if there is a promise of sale with private writing, for the promise of sale and preliminary it is good to rely on a professional.
Furthermore, not everyone knows which are the rules to be respected at the legislative level.
Real estate agencies also offer the service of drafting and fine-tuning the promise of sale, but the promise of sale of a property is such a delicate act to be taken into great consideration, so much so that we must be extremely sure that the real estate agency knows how to perform the service in compliance with the law.
Some before the promise of sale of a property between individuals are used to establish a sort of preliminary of the preliminary.
This form should be avoided, because it raises many doubts and even at the legislative level it is not certain that it is completely effective.
What happens with the proposal and acceptance?
Before reaching the sales promise, many negotiations are carried out between the two parties, potential buyer and seller, which can sometimes be quite complicated.
The first phase of the negotiations ends with the purchase proposal
It too must be stipulated in writing and must contain fundamental elements The potential buyer must pay a deposit and a penalty must be established in the event that one of the two parties decides to withdraw.
There is also talk of an irrevocable sale proposal, in the sense that whoever signs the proposal and therefore the buyer cannot then back down, unless he loses the deposit he has paid.
If the other party accepts, the contract is deemed concluded.
The seller can also make a counter-offer and in this case continue the negotiation to establish which points to agree on.
The guarantees of the preliminary
For the sales promise to take effect, some fundamental guarantees must be respected.
In fact, in the case of the promise of sale or compromise, we speak of a conditional sale promise.
For example, this can be structured so that acceptance is valid only when, for example, the buyer needs to apply for a mortgage for the purchase of the house.
But speaking of the fundamental elements that can act as a guarantee in the preliminary, we refer to the following factors.
- The seller must declare that there are no arrears of taxes, fees, contributions that affect the property this is important for properties such as Pembroke Pines apartments.
- It must specify that there are no foreclosures, seizures, criminal, civil and administrative procedures.
- Furthermore, the seller must declare that there areno unpaid arrears regarding the condominium expenses.
- The seller must also undertake to provide the notary with all the documents needed to stipulate the deed and must ensure in the promise of sale of the housethat the property has been duly registered in the cadastral registers.
The compromise for buildings under construction
Sometimes you can find yourself making a sales promise regarding a building under construction.
So in this case, when the situation concerns a building to be built, a special transcription note is used for the promise of sale of a property with a specific facsimile, in which these elements are indicated:
- the useful surface for the portion relating to the building,
- the share of the right that belongs to the potential purchaser is taken from the entire surface of the building expressed in thousandths.
So in this case the preliminary with the promise of sale constitutes a real act of booking form that becomes operational immediately.
What if the foreplay is not put in place?
It may also happen that the sales promise does not come to fruition and therefore the two parties do not reach the signing of the deed, which marks the actual transfer of ownership and therefore seals the entire sale process.
If, on the other hand, it is the buyer who decides not to buy the house anymore, the seller has two options.
It can request the termination of the contract, totally freeing itself from the obligations, or it can impose the transfer of ownership in a compulsory form.
In both cases, however, there must always be the judge’s sentence confirming one or the other choice.
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What happens with the deposit paid?
In case of default, the deposit paid is subject to certain rules.
First of all we specify that with the preliminary a sum of money is requested that falls into the category of the confirmatory deposit.
If, on the other hand, it is the seller who is in default, the potential buyer who had signed the preliminary deed or promise of sale can claim the right to demand the payment of double the deposit.
The “injured” party, however, can claim the right to have another sum of money that is requested as compensation for the damage suffered.
However, it is always very important that the compromise is registered in the public real estate registers, because in this way the occurrence of future misunderstandings and discussions is avoided and both parties are protected from possible fraud.
If you are afraid of disputes on the date relating to the signing of the compromise, which can also come from the tax authorities, for example, the best way to protect yourself is to go to a post office and have the stamp with the date of that day affixed on each page of the preliminary.
There is also another alternative in this regard that can be taken into consideration: it is to send the preliminary to one of the two parties through a registered letter with acknowledgment of receipt.
In this way, possible disputes are avoided, because the date is confirmed by the post office from which the contract is sent.