Sale And Purchase Agreement: Legal Advice

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Sale And Purchase Agreement: Legal Advice
Sale And Purchase Agreement: Legal Advice

Video: Sale And Purchase Agreement: Legal Advice

Video: What can go wrong in a Sale and Purchase Agreement (SPA) for property? 2022, December

Article 454 of the Civil Code of the Russian Federation defines a sales contract as a document certifying a transaction between two parties - the seller of the goods and their buyer. The essence of the transaction is that the seller undertakes to transfer the goods to the buyer - the object of the transaction, and the buyer undertakes to accept it and pay for its value specified in the contract.

Sale and purchase agreement: legal advice
Sale and purchase agreement: legal advice

How the sales contract is drawn up

The sales contract can be drawn up in simple written form. The buyer or seller can write his own text. This is usually done by the buyer. But at the same time, in order for the transaction not to be recognized as null and void, the text of the agreement must contain some mandatory definitions and essential conditions, which for this type of agreement are the value and the subject.

When drawing up a sale and purchase agreement, try to specify the details of the parties to the agreement as detailed as possible: full surnames, names and patronymics of the seller and buyer, gender, date of birth, permanent registration address at the place of residence, marital status, name and details of documents proving their identity.

It is necessary to describe the subject of the contract as accurately and in detail as possible in order to exclude the ambiguity of its definition. If this is a real estate object, for example, an apartment, indicate its full address, cadastral number, type of building, floor, number of rooms, total area in accordance with the technical documentation for this apartment. The area of ​​the apartment indicated in the technical, cadastral passport, certificate of ownership for it and in the contract of sale must match.

Be sure to provide a list of all documents of title confirming the seller's ownership of the property. The second essential condition is that it is better to indicate the real value of the apartment, and not underestimated, as is sometimes done to avoid paying taxes or reduce tax payments. This is fraught with the fact that in the event of a legal dispute, the seller will return to the buyer not the amount that he received from him, but only that part of it, which is spelled out in the contract.

Do I need to certify and register a sales contract

It is not required to certify the sales contract with a notary, but you can pay for his services so that he checks how correctly the contract is drawn up. This consulting service will cost you very little, but it will help you save a significant amount in the event of a lawsuit.

Since March 1, 2013, the mandatory registration of purchase and sale agreements with the territorial bodies of Rosreestr has been canceled. But in the package of documents that is submitted to these bodies for obtaining a Certificate of ownership, the contract must be attached. In the text of the certificate, it is indicated as a document-basis.

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