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BUYING THE PROPERTY
Frequently prior to signing the deed, the buyer and seller may enter into a private contract. These contracts, are legally efficient and fully bind the parties, so you should make sure that you are fully aware of all articles and stipulations and make sure that:
- It is signed by all owners. If owned by a married couple or joint tenants, it must be signed by both. If sold by a company, it must be signed by the administrators or duly empowered legal representatives.
- The total purchase price is included, whether it is to be paid in whole or partially deferred. The terms of the deferral, if applicable, are also included. It is common for the buyer to make a deposit at this time, which should be discounted from the purchase price. If the buyer backs out of the sale, the seller is entitled to retain the deposit. Conversely if it is the seller that backs out of the operation, he or she will have to pay double the amount of the deposit to the buyer.
- The contract is free of any clauses that are abusive or of doubtful legality
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