Legal form of the preliminary agreement – a simple deed or contract.

Posted: September 10th, 2013 | Author: | Money

The preliminary agreement is a contract concluded by buying a home at a time when funds for the purchase of acquiring the loan and the property we want to kind of “reserve”. Such agreement shall determine the price, key issues and elements such as the down payment or deposit.

aguscr / photo on flickr

aguscr / photo on flickr

In contrast to the relevant sale and purchase agreement you can choose the legal form of the document. We signed it in the form of a notarial deed or simply sign a simple contract. The choice is up to us.

When should you opt for a deed, and what he gives us? First of all, when all costs we want to buy a flat data. Although the preliminary agreement is not required in the legal form, at a time when the transaction will not be able to enforce their rights in court.

At the time when we have a written agreement only thing simple we will be entitled to a so-called compensation procedure, in which we can apply for a refund. However, a preliminary agreement in the form of a notarial deed is a document much “stronger” and on its basis we can start proceedings as a result of which will be entered into the sale and purchase agreement apartment.

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