The sales agreement is the document by which buyer and seller agree to buy and sell property identified for a specified price.
This is a binding commitment of 2 parts.
The transfer of ownership will be signed at the signing of the deed at the notary.
• The drafting of the compromise
There is no form pre-set and regulated. Can sufficient
a simple document that clearly identifies:
- buyer;
- vendor;
- the property;
- its price
- the date of sale;
- and the signatures of both parties.
In some cases and for reasons of prudence, the sales agreement can be drafted by a notary.
addition this information is essential, the compromise may also provide a range of duties specified by the seller or the buyer, such as the date or period for payment of goods sold.
Good to know: there is a legal precedent clause stipulating that if the buyer does not get credit for the purchase of specified property, then the compromise is null and void.
• The effects of compromise
The seller and the buyer with a commitment to each other, compromise is equivalent to a sale, the effects will be delayed until the signing of a deed in the lawyer.
If the seller or the buyer refuse to attend at the notary on the appointed day, the other party may apply to the court for a declaration of Sales Force and the contractor is reluctant to meet his commitment, which allows effect the transfer of ownership.
The sales agreement may provide for compensation or penalty clauses in case one of the signatories would be in default.
For example: if the sale does not occur because of the buyer, the deposit paid to the seller when the compromise will be lost for the buyer.
Conversely if the sale by the seller fails or is delayed, the buyer may request penalties.
Good to know: the practice is that in general, to signing the agreement, the buyer pays a deposit of about 10% of the property identified. The compromise includes a
withdrawal period of 7 days for the buyer only.
This is a binding commitment of 2 parts.
The transfer of ownership will be signed at the signing of the deed at the notary.
• The drafting of the compromise
There is no form pre-set and regulated. Can sufficient
a simple document that clearly identifies:
- buyer;
- vendor;
- the property;
- its price
- the date of sale;
- and the signatures of both parties.
In some cases and for reasons of prudence, the sales agreement can be drafted by a notary.
addition this information is essential, the compromise may also provide a range of duties specified by the seller or the buyer, such as the date or period for payment of goods sold.
Good to know: there is a legal precedent clause stipulating that if the buyer does not get credit for the purchase of specified property, then the compromise is null and void.
• The effects of compromise
The seller and the buyer with a commitment to each other, compromise is equivalent to a sale, the effects will be delayed until the signing of a deed in the lawyer.
If the seller or the buyer refuse to attend at the notary on the appointed day, the other party may apply to the court for a declaration of Sales Force and the contractor is reluctant to meet his commitment, which allows effect the transfer of ownership.
The sales agreement may provide for compensation or penalty clauses in case one of the signatories would be in default.
For example: if the sale does not occur because of the buyer, the deposit paid to the seller when the compromise will be lost for the buyer.
Conversely if the sale by the seller fails or is delayed, the buyer may request penalties.
Good to know: the practice is that in general, to signing the agreement, the buyer pays a deposit of about 10% of the property identified. The compromise includes a
withdrawal period of 7 days for the buyer only.
(sources Paruvendu.fr)
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