The conclusion of a contract for the sale of real estate is an important stage in the process of selling real estate. This contract defines all the terms and obligations of the transaction for both the seller and the buyer. Here is an overview of how the conclusion of the sales contract works:
Consult an attorney or broker
Before drafting a contract, it is recommended that you consult an attorney or broker who can help you create a contract that meets your needs and complies with local laws.
Conclusion of agreements
The seller and the buyer must agree on all material terms, including the sale price, the date of transfer of the property, the condition of the property, the accompanying assets and the conditions regarding any inspection or appraisal. All these terms must be clearly and precisely defined.
Drafting of the contract
After reaching agreements, the notary prepares a sales contract based on the information received from the broker. The contract must contain all the agreed terms and details and be drawn up in an understandable and legally valid form.
Signing a contract
The seller and the buyer and their representatives (if any) must sign the contract. When signing, ensure that both parties understand and agree to the terms of the contract.
Warranties and Consents
Explain what warranties and consents are provided by the seller to the buyer.
Requirement for notarization
In Estonia, it is required that the sales contract be notarized. This means that the contract is signed in the presence of a notary and the notary confirms the authenticity of the contract.
Completion of the transaction
After concluding the sales contract, it is necessary to proceed with the completion of the transaction according to the contract. This includes physically handing over the property, making payments and following all other agreed steps.
All in all, it is important to draft a clear, precise and legally valid sales contract that protects both the seller and the buyer. Be sure to consult with professional advisors before signing the contract to ensure that all aspects of the transaction are properly regulated.
