by Esther Howard
A Contract of Sale, also known as a Sales Agreement or Purchase Agreement, is a legally binding document that outlines the terms and conditions of a real estate transaction between a buyer and a seller. It serves as proof of the agreement reached between the parties involved and establishes their rights and obligations. Your lawyer will prepare this Contract of Sale to safeguard your interests.
If your property is a new built one, the Contract of Sale will include all important terms such as plot number, plot size, price, payment schedule and other clauses for sale completion. All floor plans and specifications will be attached to the contract to ensure that the vendor is bound to carry out the construction work in accordance with these. The contract will be sent to both the vendor and the purchaser for review. When both parties are happy the contract will be signed.
In Northern Cyprus, as in many other jurisdictions, it is common practice for a Contract of Sale to be signed after the buyer and seller have negotiated and agreed upon the essential terms of the property purchase. This typically includes the purchase price, payment terms, property description, and any special conditions or contingencies.
It is important to note that the specific timing of when the Contract of Sale should be signed can vary depending on the practices and preferences of the parties involved, as well as the local laws and regulations. In general, it is advisable to sign the contract once both parties have reached a mutual understanding and agreement on the key terms of the transaction.
Before signing the Contract of Sale, it is crucial to thoroughly review its contents and seek legal advice if necessary. This ensures that you fully understand the rights and responsibilities outlined in the contract and that it adequately protects your interests.
Once the Contract of Sale is signed by both parties, it becomes a legally binding agreement. It is important to comply with the agreed-upon terms, including payment schedules, completion dates, and any other obligations stated in the contract. Contact us for our recommendation to the list of lawyers who are all qualified to give you advice on buying process in North Cyprus.
