The contract of sale, defined in article 1445 of the Civil Code, establishes an agreement whereby the seller undertakes to transfer a specific good to the buyer, in exchange for an agreed consideration, generally expressed in a monetary price. This contract, of a consensual and bilateral nature, implies clear obligations: the seller must deliver the good and the buyer must pay the stipulated price. In addition, it usually involves an effective transfer of ownership of the property to the buyer.
The purchase price is one of the essential elements of the contract. It is not only stated as a numerical figure and in letters, but also details the chosen form of payment and the agreed term. Sometimes, when a deposit contract has been signed as an advance payment, this money is deducted from the final price, and its description and specific conditions in the purchase contract are essential to avoid future misunderstandings.
Identification of the selling party
One of the crucial initial aspects in the sale process is the correct identification of the selling party. If you as the owner cannot be physically present, it is essential to have a duly authorized legal representative. In cases where power of attorney has been granted to a third party, the presentation of an authorized notarized copy is essential to proceed with the signature. It is essential to emphasize that a simple photocopy will not be accepted in any case.
In situations where the property for sale is marital, the private contract must be signed by each of the spouses. In the case of a real estate developer seller, he will act on behalf of the selling party, together with the possibility that the administrator or attorney-in-fact of the company may also act on behalf of the selling party.
For inherited properties, it is essential to make sure that all heirs have the documentation in order for the sale and that they are the only ones with rights to the property.
Price of the property in the sales contract
The contract must detail the final price of the property and the method of payment. The method of payment may be in full at the time of signing or through deferred payments after the public deed. In cases where a prior earnest money contract has been made, this must also be specified in the document.
In the context of subsidized housing, the maximum sale price established by the autonomous community must be included.
Purchase and sale expenses
Unless otherwise specified in the contract, the expenses derived from the sale must be distributed as follows:
- Seller: is responsible for the payment of the Plusvalia Municipal and provides the original copy of the Deed of Sale.
- Buyer: assumes the costs of each required copy of the purchase contract, registration fees and other applicable taxes.
Description of the Property in the sales contract
A proper description of the property is crucial to avoid future disputes. This description should include precise details, such as the exact location with complete address, detailed physical characteristics (built and usable area, distribution, materials used in case of new construction), the existence of encumbrances such as mortgages, liens or easements, the ownership of the property and, if applicable, a list of furnishings in case the property is delivered furnished.
In addition, attaching a plan and energy efficiency certificates provides greater clarity and transparency to the contract.
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Delivery Date
Establishing precisely the date of delivery is essential to avoid ambiguities as to when the seller must vacate the property and allow the buyer to take possession of the property.
This date also marks the beginning of the moving process for the buyer and clarifies the effective transfer of possession.
Housing expenses
It is crucial to verify if there are any encumbrances on the property for sale, such as outstanding mortgages or liens. Requesting a nota simple informativa from the Land Registry is the standard procedure to confirm these encumbrances.
In the case of properties within communities of neighbors, it is essential to verify the status of the community fees by contacting the president or administrator of the community.
Additional clauses in the purchase and sale contract
Additional clauses are spaces within the contract that allow for the inclusion of specific agreements or particular circumstances that the parties may wish to add.
It is advisable to have expert advice in the drafting of these clauses to ensure that all relevant aspects for both parties involved in the purchase and sale transaction are adequately contemplated.
At Destiny Home, our experience in the sale and purchase of real estate allows us to provide you with the necessary support, whether you are the seller or the buyer, to ensure a successful and legally protected transaction.
Help with the management of real estate sales and purchases in Fuerteventura
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