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Sale and Purchase Contract

It is a Contract by which the salesperson is committed to transfer some good to the buyer and the buyer is committed to pay the agreed price. Purchase and sale of real states is formalised by a public document and its validity is conditioned to the fulfilment of other legal requirements. Once the Contract is formal, it is presented to a Notary, who in turn attests the act and settles it in the Real State Registry. The established price, the description of the property the sale and purchase conditions and the consequences of the non-fulfilment of the contract, must be established in the Contract of Purchase and Sale. The items settled in the Contract are compulsory for both parties.

Contract of Reservation

The object of this Contract is the guarantee that the salesperson confers to the buyer of reserving the personal asset of his property which is described for further use and enjoyment in the text of the Contract, and will be stated that the corresponding sale and purchase contract shall be subscribed in the future. The reservation of the personal asset is carried out according to the terms and conditions specified in the Contract of Reservation. The Contract clearly states that the act of reservation is limited to guarantee the non-delivery of the requested personal asset to any other person from the signature of the Proposal of Contract until the expiration of the established term. In the moment of signing the promise of Contract, the future buyer shall deposit the agreed amount as consideration of the guarantee that the salesperson confers him, being the reservation of the personal asset for his future use.

The Real Estate Record Office

The new properties, the rights and the obligations upon them, as well as the changes that take place in the ownership of the property of the real estate are registered in the Real State Registry. This office has a double feature of state and legal control and information. Any act or real state juridical contract registered in the Real Estate Record Office is compulsory, and that is why the person recorded as the landlord in the Registry may transfer the title of property. To perform any modification in the Real Estate Record Office it is indispensable to exhibit the public document or the Notary’s Certificate. To perform any act in connection with a personal asset recorded in the Registry, it is necessary that the authorised person verifies any charge or obligations that could harm such an actual. The payment of the taxes that burden the transfer, as well as the notary’s and register expenses, are a prerequisite before the notary’s inscription.

 

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