Concluding the sales contract is an important stage in the process of selling property. The contract sets out all the terms and obligations of the transaction for both the seller and the buyer. Here is an overview of how the sales contract is concluded:
Consult a lawyer or agent
Before the contract is drawn up, it is advisable to consult a lawyer or agent who can help create a contract that meets your needs and complies with local law.
Reaching agreement
The seller and buyer must agree on all the essential terms, including the sale price, the handover date, the condition of the property, any items included, and any conditions concerning inspections or valuations. All these terms must be clearly and precisely defined.
Drafting the contract
Once agreement is reached, the notary drafts the sales contract based on the information provided by the agent. The contract must include all the agreed terms and details and be drawn up in a clear and legally valid form.
Signing the contract
The seller and buyer and their representatives (if any) must sign the contract. When signing, both parties must understand and agree to the terms of the contract.
Warranties and consents
Clarify which warranties and consents the seller gives the buyer.
Notarial certification requirement
In Estonia, a property sales contract must be notarially certified. This means the contract is signed in the presence of a notary, who certifies its authenticity.
Completing the transaction
After the sales contract is concluded, the transaction is completed according to the contract. This includes the physical handover of the property, making the payments and following all other agreed steps.
In summary, it is important to draw up a clear, precise and legally valid sales contract that protects both the seller and the buyer. Be sure to consult professional advisers before signing to make sure all aspects of the transaction are properly covered.
