How can the notary protect you when it comes time to buy the house of your dreams?
Posted: Sun Dec 22, 2024 10:26 am
Do you want to submit an offer to purchase as soon as possible? Contrary to popular belief, an offer to purchase is indeed a contract. It can be very difficult to change its terms or cancel it. It is therefore essential to ensure that the promise to purchase that you are offered contains clauses that are adapted to your situation. The notary will ensure that the clauses are drafted precisely and clearly to avoid any misunderstanding that neither you nor the seller could have anticipated.
The notary can advise you on many aspects of a transaction, for example:
The different methods of financing for the purchase;
The clauses to be included in the purchase offer;
The agreements to be made when the purchase is made by two or more people;
The tax implications of the contract;
Checks to be carried out before purchasing a condominium;
The implications of co-ownership from its creation;
The importance of checking the location certificate to avoid unpleasant surprises;
Solutions to resolve possible irregularities following the examination of titles;
Precautions to take to avoid legal construction mortgages linked to the purchase of a new house;
Purchase offer: key elements to watch out for
The offer or promise to purchase is the basis of the saudi-arabia business email list future sale. If it is imprecise or incomplete, this could cause many inconveniences, both for the buyer and the seller.
Identification of the parties
The name of all selling owners must appear on the offer to purchase, as well as that of all those who wish to purchase the property. Their respective signatures must be affixed to the document, as well as that of the spouse in the case of the sellers.
Brief description of the building
The civic address of the property must be mentioned, as well as the description of any land, whether adjacent or not, and which forms a whole. For condos, the designation of parking spaces on the common or private part must also be indicated.
Price
The agreed amount of the sale price, including or excluding GST and QST, if applicable, must be clearly indicated.
Terms
Typically, the offer is conditional upon obtaining a letter of commitment to lend, issued by a financial institution.
It may also be mentioned that the offer is conditional on a pyrite, radon or even drinking water test meeting standards, and to provide for who will bear the costs. If applicable, the offer could also be conditional on confirmation of compliance with sanitary installation standards (septic tank, leaching fields and others).
The notary can advise you on many aspects of a transaction, for example:
The different methods of financing for the purchase;
The clauses to be included in the purchase offer;
The agreements to be made when the purchase is made by two or more people;
The tax implications of the contract;
Checks to be carried out before purchasing a condominium;
The implications of co-ownership from its creation;
The importance of checking the location certificate to avoid unpleasant surprises;
Solutions to resolve possible irregularities following the examination of titles;
Precautions to take to avoid legal construction mortgages linked to the purchase of a new house;
Purchase offer: key elements to watch out for
The offer or promise to purchase is the basis of the saudi-arabia business email list future sale. If it is imprecise or incomplete, this could cause many inconveniences, both for the buyer and the seller.
Identification of the parties
The name of all selling owners must appear on the offer to purchase, as well as that of all those who wish to purchase the property. Their respective signatures must be affixed to the document, as well as that of the spouse in the case of the sellers.
Brief description of the building
The civic address of the property must be mentioned, as well as the description of any land, whether adjacent or not, and which forms a whole. For condos, the designation of parking spaces on the common or private part must also be indicated.
Price
The agreed amount of the sale price, including or excluding GST and QST, if applicable, must be clearly indicated.
Terms
Typically, the offer is conditional upon obtaining a letter of commitment to lend, issued by a financial institution.
It may also be mentioned that the offer is conditional on a pyrite, radon or even drinking water test meeting standards, and to provide for who will bear the costs. If applicable, the offer could also be conditional on confirmation of compliance with sanitary installation standards (septic tank, leaching fields and others).