Deposit contract, watch out!

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27 Feb 2013 18:20 by mariadecastro Star rating in Algeciras (Cadiz). 9336 posts Send private message

Legal Questions? Speak to Maria Direct

 Legal tip 904. Deposit contract, watch out! 
27 February 2013 @ 14:05 

Do not understimate the importance of the deposit contract when buying a house.  

Play your part in the negotiation (with the assistance of a good lawyer) in order to have strong protection of your rights and a smooth future purchase process

Elements to be included in the deposit contract: 

1.- Full identification of seller and buyer

2.- Enough, official and clear identification of the property (Nota simple required,click here for more information)

3.- Definition of the contract which is being signed, agreed price, method of payment (expressing if any amount is delivered as a deposit or on account of the price) This denomination makes radical differences.

4.- Who will pay the expenses and taxes

5.- Time for  the public deeds to be signed, etc…

The more in detail and clear, the more peaceful your purchase process will be.

 It is very advisable to have an specific compensation clause that will avoid further discussions ( judicial even!) on this important matter. 

It is necessary to pay a lot of attention to this contract as you will be committing to to conditions that will determine the purchase at a very high level.



Maria L. de Castro, JD, MA



El blog de Maria

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