contrato de compraventa
28 Apr, 2021

What is a Sales Contract? Sign Your New Home Without Surprises

Before signing any sales contract of a property, it is important that you know all the details of what it entails. With the information in hand you will be able to determine your responsibility and your duties before, during and after the signing.

The sale of a home leads to the establishment of a series of agreements between the seller and the buyer of the property. In a sales document, these agreements are stipulated in writing and serve to legalize the commitment to exchange a property for money .

Types of Sales Contract

There are two types of sales contract that you can use when selling or buying a home . You can make a public document or a private one . Either of the two will serve the same purpose of registering the change of ownership of the property, but each has its pros and cons. Knowing it can help you avoid problems in the future.

On the one hand, a public sale contract needs to be presented before a notary. This is usually the most used document when doing property transactions. One of the advantages of choosing this option is that the document will always be available for consultation.

The paper signed with all the agreements is filed in the registry where the purchase and change of owner of the home is formalized .

But there is also the option to make a private document . And one of the reasons to use it is that it is usually a cheaper process.

Unlike a private agreement , the public document is more secure for both parties. Why?

It does not protect the buyer in the same way. Especially if it is not well done, with the clauses and details that we explain below.

Care In A Private Document

In order not to have problems when making a private sale contract there are some things that you can take into account. It is recommended to stipulate that the document must become public at a certain time.

In addition, there is another private document that can be issued and that would have the figure of a pre-contract. It would serve to prevent any of the parties involved in the purchase and sale of the home from breaking the agreement before signing. If this happens, indemnities can be set in the pre-contract.

contract of sale


What Should A Sales Contract Have?

There are several elements that must be well reflected in the contract for the sale of a home .

One of the main data of the document is the value set by the property. The price that appears in the document will have a future impact for both the buyer and the seller.

First, it is the money that must be given to the seller. Then, it is the value that will be taken to calculate taxes and other payments that will affect the parties involved.

The form of payment is also formalized in the contract of sale and the responsibilities of those involved in the purchase and sale of the property are established.

For example, if the process was carried out through a real estate agency, the commissions and the person responsible for assuming those extra expenses must be calculated.

Remember to always negotiate the financial details before formalizing any negotiation. In this way you can avoid surprises of extra expenses.

Negotiate commissions, document payments, taxes. Make sure that all the figures are within your budget and that everything has been reflected in the final document of the sales contract as negotiated.

Check Details Before Signing

sales contract are documents full of information. But that’s not why you have to worry or think about very complicated documents. The reflected data is almost always very easy to know.

Property information must be reflected in writing. Elements such as the exact address, the meters of the land where the house is located and the meters built are detailed .

It is important to describe as much information as possible about the property, especially if you have buildings that have been added over time, such as garages, annexes or any major remodeling .

Once you have made sure that all the data is correct, you just have to wait for the moment to deliver or receive the keys to the property.

Taking all these details into account, signing your next sales contract should be a quick and easy process.

Remember also that there are contract models on the internet that you can consult. You can always write one beforehand. You can discuss it with your attorney, the real estate agent, or just be more prepared before the final signing.

In the end, signing a sales contract  is a simple process and you should not worry. Although you can always ask for help from any professional in the real estate sector. That way you will only have to take care of getting the home of your dreams.