The first of them -without any doubt- refers to what a purchase and sale contract is ; which is nothing more than an agreement between two parties. One party is known as ” the seller ” while the second is called ” the buyer .”
There are different types of purchase and sale contract , each model establishes specific points with which each party must comply. But, what are the aspects that must be known before establishing a purchase-sale contract in Madrid 2021? This is the reason for this article, follow us and we will give you the answer.
Differences Between a Private or Public Contract
As we said previously, there is no single model of a purchase and sale contract ; There are public and private types.
The two types of purchase and sale contract are 100% legal, however the one recommended is the public document; This is because when the buyer needs to register the property, the document must be endorsed by a notary.
This is one of the main differences with the private contract that is not notarized by a public entity. Another difference is that when using a private contract, the buyer was not covered with the same legal weight as when it is done with a public deed.
Also, the mere fact of carrying out the transaction through the public notary has the greatest possible legal security.
In most cases, when issuing a private document is used, it is to avoid the additional costs involved in making a public and notorious document.
Aspects That Cannot Be Missing In A Sale Contract
Knowing in advance the difference between what is a private contract and a published one, we must also know: some aspects that cannot be missing when establishing a purchase-sale document. Among them.
- First of all, the price of the house must be established as the main point
- Similarly, the distribution and payment of taxes as well as expenses must appear clearly in the document.
- Another aspect that a contract must contemplate is the way in which the payment of the home purchase will be made
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