Contract of Sale
A contract of sale is defined as a contract whereby one of the contracting parties binds himself to transfer to the other a thing for a price which the latter binds himself to pay to the former.
Prior to the contract of sale, a promise of sale agreement requires to be entered into which binds the purchaser to purchase and the vendor to sell the immovable property under the terms and conditions laid down in the agreement itself.
During the period between the signing of the promise of sale agreement and the signing of the contract of sale, it is required to carry out all necessary searches to ensure that there are no hypothecs or outstanding debts burdening the property.
In the event of taking a bank loan, it is important to follow all necessary steps for the issuing of the sanction letter and the approval of the bank loan. The service of a Notary Public includes handling all the documentation and searches required by the bank.
Once all the searches have been carried out, the legal title has been proved and the bank loan granted, the contract of Loan and sale is published by the purchaser’s Notary, who then registers the contract together with the hypothecs and privileges with the Public registry and Land Registry.
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