Real Estate Sales Agreement
When concluding real estate sales contracts, the seller and the buyer agree that the seller will sell the property owned by the seller and certified with a title deed, and the buyer will buy the property owned by the seller at the negotiated purchase price.
In order for the purchase agreement to be suitable for the registration of the buyer’s ownership in the real estate register, it must be included in a document countersigned by a lawyer. In addition to the countersignature, there are minimum content elements of the sales contract that, if they are missing from the contract, the contract is not suitable for registration at the Land Registry. These minimum content elements are:
- personal identification data of the seller and the buyer;
- the exact designation of the property;
- the share of ownership that the seller wishes to sell;
- the purchase as a legal title;
- the seller’s unconditional and irrevocable statement regarding the registration of the buyer’s ownership; as well as
- the nationality of the seller and the buyer.
In addition to the above, the seller and the buyer must agree in the contract on the payment of the purchase price, the date and method of handing over, as well as the type of furnishings that will remain in the property.
In the sales contract, the parties can stipulate a deposit. The deposit is important if the purchase price of the property is not paid in one sum, but in parts of the purchase price. In the case of stipulating a deposit, if the sales contract fails due to the buyer’s fault, the buyer loses the deposit, while if the contract is not fulfilled due to the seller’s fault, the seller is obliged to repay the deposit to the buyer in double amount.
