How To Issue A Security Deposit For The Purchase Of An Apartment

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How To Issue A Security Deposit For The Purchase Of An Apartment
How To Issue A Security Deposit For The Purchase Of An Apartment

Video: How To Issue A Security Deposit For The Purchase Of An Apartment

Video: What Is A Security Deposit? 2022, December
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Collateral often plays an important role in real estate transactions. It is he who gives the guarantee of the conclusion of the transaction. The guarantee lies in the fact that in case of violation of the agreement on the conclusion of the transaction, the buyer or the seller will compensate the victim for compensation.

How to issue a security deposit for the purchase of an apartment
How to issue a security deposit for the purchase of an apartment

Instructions

Step 1

Prepare a preliminary sales contract, setting the exact date of the conclusion of the future transaction. Subsequently, if one party evades the conclusion of the main contract of sale, the other party through the court will be able to demand the compulsory conclusion of the transaction.

Step 2

Check the availability of all documents for the apartment. Find out if children are registered in the apartment. This circumstance is very important, because if there are registered minor children, the transaction may be invalidated.

Step 3

Enter into a preliminary sales contract, which makes it possible to purchase an apartment in the future at the originally agreed price. Do not forget that such documents are concluded only in writing and in duplicate, one of which remains with you and the other with the buyer.

Step 4

Draw up a bond agreement. Its features are as follows:

- the subject of pledge can be various things or securities, any other property, as well as money;

- the contract must indicate who is the custodian of the pledged property;

- the subject of pledge is the main part in the pledge agreement, and its assessment (if necessary), the amount and term of performance by the pledger of its main obligations are also prescribed;

- a pledge agreement must be concluded only in writing;

- if the pledge is movable property, the rights of the pledgee to the property are prescribed to secure the conclusion of the transaction under the agreement.

Step 5

Insure the collateral with a reputable insurance company.

Step 6

Sign a contract. Notarize it if it spells out the rights of the pledgee to the property or if the pledge is movable property.

Step 7

After the conclusion of the contracts, transfer the deposit to the seller. Although in most cases it is possible to keep the deposit with the buyer (for example, a car)

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