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What does a real estate purchase agreement mean?
In order to successfully buy your property, there are conditions that must be met, that is, a contract that will allow your purchase to go flawlessly! When making an agreement, it is mandatory to sign the Real Estate Purchase Agreement.
This document represents a written form of agreement, by which the seller undertakes to hand over ownership of the property in question to a specific buyer in exchange for a price that was previously agreed upon. All under the condition that the buyer must be able to transfer ownership rights to himself and come into possession of the property.
This contract comes exclusively in writing and is sealed with a signature, which gives it a certain credibility and validity. Provisions on the sales contract are contained in Articles 376 to 473 of the Obligations Act.
Who needs this document?
It is of great importance that you understand all the items of the sales contract, because this is primarily about your property and the protection of your rights. The purchase and sale in itself is a bilateral contract concluded between two parties, and each party is at the same time a creditor and a debtor.
The contract is considered a concluded agreement between the two parties on the essential components of the contract. This document is needed by the buyer and the seller of real estate in order to successfully complete the purchase of real estate in a legal manner.
Terms of the sales contract
In order to conclude a sales contract, it must be preceded by a preliminary sales contract. Although similar, these two contracts are different.
A pre-purchase agreement is a written document that serves as a real estate reservation between the buyer and the seller that they will buy a specific property on a certain date, with a down payment. While the sales contract is the final document, it is also the final stage of the real estate purchase.
It is an advantage for the seller that he no longer has to look for a new potential buyer because one person has already committed to being ready to buy his property.
One of the provisions of the sales contract talks about protecting the buyer from legal harassment – eviction. With this provision, the seller undertakes, under criminal and material liability, that if any encumbrance appears on the subject immovable property, he will immediately remove that encumbrance at his own expense.
Who can submit a real estate purchase agreement?
The real estate sales contract is usually delivered by the real estate agency in cooperation with the law firm. Croatia Real Estates, as an intermediary between the buyer and the seller, and in its cooperation with the lawyer’s contract, provides its clients with all legislative documentation.
Also, one of the factors of great importance is to define your nectarine. What exactly does that mean?
Real estate is defined by specifying land registry data about the real estate (cadastral municipality, parcel number and land registry entry number in which the real estate is registered) and a description of the real estate (for an apartment, this is the address, floor, apartment number, description of the rooms it consists of, and the total area).
Seller and buyer information
Maybe banal information, but one of the most important. Like any contract that is notarized, it must include information about the parties signing the contract. One of the important factors when concluding a contract is the personal data of the seller and the buyer.
According to the Notary Fees Act, the price of notarizing a contract or notarizing a single signature is about HRK 40. If the seller or buyer wants several certified copies of the document on which the signature is certified, they will receive one original, and the rest are certified copies, the price of which is around twenty kuna.
Does the contract have to be certified?
As the sales contract is regulated by the Law on Obligations (Official Gazette 35/05), and the buyer undertakes to pay the price. The purchase and sale is an informal contract, which means that no special form is required, except in the case of the purchase and sale of real estate and the purchase and sale with installment payments, where the contract must be in writing.
The sales contract must be in writing, and it is important that the seller notarizes his signature on the contract of the same name, in multiple copies. If the buyer pays for the property with a loan, the contract of the same name must also be certified by a public notary.