Real Estate Real Estate Sales Promise Agreement: A Detailed Review
The sales promise contract, which is an important stage in the purchase and sale of real estate, is a preliminary agreement for the actual sales contract to be made in the future. With this contract, the parties consent to the sale and purchase of a certain real estate under specified conditions and on a date to be determined in the future.
Parties to the Agreement:
• Payor: The person who owns the real estate and will sell it in the future.
• Promisor: The person who will purchase the real estate.
Content of the Agreement:
• Real Estate Subject to Sale: The title deed information, island, parcel, sheet information and full address of the real estate that is the subject of the contract must be clearly stated.
• Sales Price: The agreed price for the sale of the real estate should be clearly written. The payment method and schedule of the fee should also be included in this section.
• Contract Duration: The validity period of the sales promise contract should be specified. If the main sales contract is not concluded within this period, the contract terminates automatically.
• Right of Withdrawal: The parties may reserve the right to withdraw from the contract for a certain fee.
• Other Conditions: Parties may add different conditions in addition to the contract. These conditions may cover issues such as delivery of real estate and title deed transactions.
Form of Contract:
The real estate sales promise contract must be drawn up in the form of an official deed. The official deed is drawn up in the presence of a notary, with the signatures of both parties and approved by the notary.
Validity of the Agreement:
A real estate sales promise contract drawn up in the form of an official deed is valid. If the parties act contrary to the contract, the other party may claim its rights arising from the contract through litigation.
Advantages of the Contract:
• For the seller: It enables the real estate to find a buyer for a certain period of time. In this way, the seller eliminates the risk of the property remaining vacant.
• For the buyer: It allows the buyer to clarify the price and conditions of the future sales transaction in advance. In this way, the buyer can plan his budget accordingly.
Disadvantages of the Contract:
