(4) Registration of an agreement If, for whatever reason, the parties do not enter into a formal agreement, the interim agreement would become the only agreement between the parties and is registered as such in the land registry. The land registry only accepts A4-size documents for registration. It is appropriate to print the preliminary agreement in A4 format. Very often, when parties to a real estate transaction have reached an agreement on the basic terms, practitioners would assist the parties in concluding a preliminary sale and purchase agreement. An interim agreement on the sale and purchase is a binding document and, if not dealt with properly, could give rise to litigation and complaints and even affect the transaction. Practitioners` attention is drawn to the following areas, which are often included in complaints: If you want to buy a property, by creating a provisional sales contract, you can secure your future transaction and bind yourself to the seller. The agreement serves as a commitment from the seller to the buyer and the commitment of the buyer to the seller. Signing is also the concrete way to set the price of the property and all the conditions of sale (general, special and previous). The provisional sales contract also gives you a right of withdrawal for a period of 10 days after signing. If you decide that you no longer wish to buy the property during this period, the seller returns the security deposit (which represents 10% of the sale price) that you gave them at the time of signing. Although the provisional sales contract can be signed between individuals, we strongly recommend using the expertise of a notary (or judicial officer).
The latter is taken care of: when the provisional sales contract is established, the seller must present several mandatory documents, whether or not the transaction takes place before a notary. These documents are grouped in the Technical Diagnostic File (DDT) 1. If the property you wish to purchase is sold as part of a conventional condo, the seller must provide additional documents at the same time as the provisional sale contract: The sale and sale of a property are usually formalized by a provisional sales contract. As real estate specialists, MGM`s experts can assist you in the development of your interim sales contract and highlight all the practical aspects of this preliminary contract: documents to be presented during the development of the interim sales contract, conditions of withdrawal, signature before a notary… Follow the instructions! After signing the interim sales contract, you have 10 days to terminate.