A real estate purchase agreement is a contract with which one party (the seller) sells the real estate owned by the other party (the buyer). The structure of the contract depends on the type of real estate being sold (apartment, land, house with land, commercial space, agricultural land, forest land, etc.). Many sample purchase agreements are widely available on the Internet, but by using the wrong form, the parties do not dispute the essential terms of the purchase agreement that would be important. For example, an apartment purchase agreement will be different from a land purchase agreement.
Before signing the purchase agreement, it is necessary to find out the composition of the real estate in the Land Register, to make sure that it does not have encumbrances that you do not know about. Find out if anyone has pre-emption rights (municipality, co-owners, etc.).
Important things to specify in the real estate purchase agreement:
- In the subject of the contract, it is important to correctly describe the real estate that is being sold.
- Purchase fee and payment procedure. If the purchase price is paid in installments – the risks are for both the buyer and the seller and it is important to be aware of them and clearly define them in the contract.
- It is important to determine when the property rights of the buyer are registered in the Land Register, if the purchase fee is paid in installments, as well as when the property is mortgaged by a bank, which does so and pays state fees and notary fees.
- Pre-emption rights, if any.
- Procedures by which the real estate is transferred to the buyer.
- Cases in which the purchase agreement may be terminated.
- Dispute settlement procedure (whether there is an arbitration clause).
Each real estate transaction is individual and depends on the type of real estate, the wishes of the parties to the contract, whether a third party (mortgagee (bank)) and the general nature of the transaction is involved.
Our team of lawyers will help you to prepare a purchase agreement, considering the nature and essential components of your transaction, so that the transaction will be successful and without complications.
|Type of contract||Purchase agreement|
|Blank sample of Purchase agreement||40,00 EUR|
|Completed Purchase agreement for the specific client's transaction||100,00 EUR|
1. When a purchase agreement must be signed?
Purchase agreement must be signed for any real estate selling. Without Purchase agreement real estate transaction cannot be registered in Land Register.
2. Does one purchase agreement sample fit for all types of property transactions?
Definitely no. The terms of the agreement differ significantly in purchase of a land, house, or apartment. A real estate purchase agreement depends on the type of real estate it is.
3. Who can be a party to a purchase agreement?
A purchase agreement may be concluded between natural persons, as well as between natural and legal persons or only legal persons.
4. How can a purchase agreement be concluded?
The purchase agreement can be signed privately by the parties at a place and time of their choice. The agreement can also be signed by a notary certifying the signatures of the parties. In any case, before submitting the documents to the Land Register, the parties shall sign, and notary certify the Request for corroboration.
5. How to find out the most important thing about real estate before concluding a purchase agreement?
Before purchasing real estate, you need to look at the information found in the land register – there you will see the owner, the exact composition, possible encumbrances, etc., as well as the cadastral value to calculate real estate taxes and transaction state fees.
6. Who pays state fees and notary services?
This may be described in the purchase agreement. There is no strict procedure in this matter. It can be covered either by either party or by both.