How do you make a preliminary purchase and sale?
Easy to sell a house no? Four photos with your cell phone, put the ad on any free portal for individuals et voila!!! The game is done right?
Okay, let's also say you find the buyer-now what?
How to regulate the verbal "agreements" you have made? As two parties come to an agreement to buy and sell property (so we are talking about a lot of dindini), it is necessary to have a piece of paper that regulates, but more importantly, protects mutual interests and duties - as well as rights -
The suggestion is to go to a notary public to make a preliminary, who, in addition to checking all the necessary documentation ( as if it were a real final purchase and sale ) can also arrange for its transcription. An in-depth article will follow on transcription.
Of course, this is for all intents and purposes a real contract, so if you have already checked all the documentation of the property ( are you able to do this? ) and are convinced of the goodness of the deal, but do not want to incur the costs of a notary to prepare a proper preliminary, you have no choice but to sign a preliminary sale on your own.
But where do you start?
We see in this article the cornerstones of a preliminary:
Let's start with the definition of preliminary.
A preliminary contract is one by which the parties undertake to enter into a subsequent, final contract, the essential content of which the first must already provide.
In short, a promise to sell.
Why do you do a preliminary?
The preliminary is usually signed between the parties, to regulate the covenants of the sale (such as special terms and conditions) and to protect both parties and bind them in a contract. The main function of the preliminary is to be able to "obligate" one of the parties to the performance of the contracted obligation.(Art. 2932 Civil Code)
What are the essential elements of a preliminary?
Art. 1351, enshrines--for the transfer of real estate--the compulsory written form for the preliminary contract of sale and purchase either by public deed or by private deed.
In addition, the legislation stipulates that it is mandatory to register it in the revenue agency (even better would be to transcribe it in the registrar's office) the deadline for registration is 20 days from the signing of the document.
In the absence of registration or transcription, it will be much more difficult ( in some cases impossible ) to protect yourself against a fraudulent seller who enters into multiple promises of sale, if these promises unlike yours are registered...
other legally mandatory requirements are not mentioned in the Civil Code, but it is good to specify as much detail as possible to protect yourself in case of a dispute.
Let's look at some of them:
1 object of the promise of sale:
it is essential to identify and specify in the contract what the object of promise of sale is, its conditions and its state of affairs.
2 agreed price:
Always specify the final sale price, payment terms, any down payments or deposits.
3 security deposit:
the down payment that is left in the case of a purchase and sale must always be identified in the preliminary as a down payment under Article 1385 of the Civil Code. Otherwise, it cannot fulfill the function of protecting the parties, and in addition, you will find yourself paying a registration tax to the tax agency of 3% on the value paid instead of 0.5%
4 terms of the agreement
Always set a deadline for entering into the final contract.
5 conditions
Beware of including conditions to the preliminary. Especially if you do not know the difference between a condition precedent and a termination condition.
Now that you've had a taste of what a preliminary can contain--do you feel up to preparing it yourself? If you need help selling your home go to this page -------> Selling your home in Verona
I'll tell you what, I'll give you a "neutral" draft of what I usually use, to customize with your needs, be careful!!!
