Written the AUG / 2018 to the category general
If you have decided to buy a home, and you have already done all the necessary checks and everything is in order, the next step is to reserve it. The reservation is made by signing the deposit or signal contract. Below we explain their characteristics.
Buy and sell through a wire or signal contract
The reservation of property through the deposit or signal contract is made by signing a pre-contract between the seller and buyer. With this agreement are agreed the amount to reserve and ways to continue with the final purchase agreement. The deposit contract is a binding agreement, which is why it is important to write it in detail. Next, we explain the points that it must contain and the types of reservations you can make.
Types of reservation of a dwelling
To make the reservation of a property we have several options:
The signal or advance payment: It is a pre-contract where the parties agree on the reservation of the sale, giving as proof of it a quantity of money as a signal.
The penitential deposits: Commitment to purchase and sale within a certain period, closed with a payment on account, which will then be deducted from the amount to be paid in the purchase contract. In the event that the seller decides not to continue, he must return twice the amount of the signal delivered to the buyer. Otherwise, if the buyer decides not to continue, he loses the signal anticipated in the agreement.
The purchase option: It is an accessory contract that allows the buyer to have a margin of time to decide to buy or look for another property. But if after the agreed term the buyer does not exercise the purchase option, the seller may retain the initial premium delivered if they agreed to it in the agreements.
Fundamental content of the deposit or signal contract
This pre-contract must have the following points:
- Description of both parties (buyer and seller): Contain name and surname, marital status, address and National Identity Document (DNI) of both.
- Description of the property: This must include the address, the location, if it contains a garage or storage room ...
- Price: The amount and the date on which the money will be delivered must be detailed.
- Signal: The amount will be specified, since it is free and must be agreed in the contract.
- Housing registration: This will verify the ownership of the house, its financial charges and its description.
- Financial burdens of the property: Should be collected in the agreement if they exist, therefore it is very important to check.
Buyer: Notary, agency and registration of the property.