It is very common for people to confuse the housing reservation contract or the deposit. Which is why we have decided to tell you what it is about. Continue reading the article to find out. Housing reservation contract The housing reservation contract is one of the different preliminary agreements that are very important when carrying out a sale. They serve to establish the most important terms and conditions before carrying out the definitive purchase and sale contract. Specifically, when we talk about the housing reservation contract we are referring to a legally binding agreement between a potential buyer and a seller of real estate property. This contract is carrie out in the early stages of a purchase and sale transaction, its main objective is to guarantee the willingness of both parties to carry out the operation. Through this instrument, the buyer expresses that he is intereste in purchasing the home in question. For its part, the seller must undertake to keep the property at the buyer’s disposal until the definitive purchase and sale contract is formaliz.
Points to take into account in the housing reservation contract
Here are the most important points of a reservation contract: Description of the home. Precise and complete details that identify the home must be includ. Some of them are: location, dimensions, characteristics and Germany WhatsApp Number Data every important aspect. Property value: the agre price for the home must be stipulat . Payment conditions: payment methods and return terms are establish , as well as down payment or initial deposits, if any. Term: This contract must define the period of time during which the property is reserv for the buyer. Suspensive conditions: these are clauses that, if not fulfill, allow the termination of the contract without any type of penalty . Earnest money or deposit: sometimes, the reservation contract also includes the buyer’s commitment to make a financial deposit. This is a guarantee of intention to purchase, according to the conditions that were agree upon. Consequences for non-compliance: the legal actions that will take place if one of the parties does not comply with the contract are described.
The benefits of the housing reservation contract
Without a doubt, when a transaction involving the purchase and sale of a home takes place. Any document that supports both parties has extra value. In addition, reaching a reservation agreement implies certain benefits. We tell you Turkey WhatsApp Number List what they are: The main advantage, as its name indicates, is the security it provides to both parties in terms of the operation itself. On the other hand, with respect to the establishe payment methods. This document provides a protection period that allows the buyer to collect the funds require to complete the purchase. In addition, the seller will know that by meeting the delivery deadlines, he will receive the amount of money agree upon in the terms set forth in the document. We must make it clear that each home reservation contract must have personal information of the buyer and the seller, an exhaustive description of the home in question, the amount of the down payment for the reservation.
