We detail all about the public deed of sale of a property
Let’s start with what is the deed of sale?
The deed of sale is a legal document used to formalize the purchase of a property between two parties. It is a contract that establishes the terms and conditions of the transaction, as well as the rights and obligations of both parties.
What is the legal purpose of a deed of sale?
The deed of sale serves to accredit the ownership of the property and register it in the Land Registry. It is also necessary to carry out any procedure related to the property, such as requesting a mortgage loan or carrying out any other purchase and sale transaction.
Is the deed of sale obligatory?
The deed of sale is not mandatory by law, but it is highly recommended to do it in order to avoid future problems and conflicts. In addition, it is necessary if you wish to register the property in the Land Registry.
Which parties are involved in a deed of sale?
The parties involved in a deed of sale are the seller and the buyer. A notary public may also be present to attest to the agreement.
What elements must you include to draft an effective deed of sale?
To draft an effective deed of sale, you must include the personal details of both parties, the price of the property, the form of payment, the date of delivery and any other specific conditions agreed between the parties.
3 Precautions you should take before signing a deed of sale.
Precaution 1: Verify the documentation.
It is important to verify the documentation of the property and make sure it is in order, including the title deed, the registration in the Land Registry and the necessary licenses.
Caution 2: Check the terms of the contract
Before signing the contract, it is necessary to review all agreed terms and conditions and make sure they are clear and understandable. You should also verify that all clauses agreed between the parties have been included.
Caution 3: Check the condition of the property.
It is important to check the condition of the property before signing the deed of sale. A technical inspection is recommended to verify that the property is in good condition and does not have any hidden problems or defects.
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What are the differences between a deed of sale and an earnest money contract?
The main difference between a deed of sale and an earnest money contract is that the former is a public and notarized document that establishes the sale and purchase of a property, while the latter is a private agreement between buyer and seller that establishes a commitment prior to the sale and purchase. In an earnest money contract, the buyer pays an amount of money as a down payment to guarantee the reservation of the property, while in the deed of sale the price and payment conditions are established.
How to obtain the deed of sale?
To obtain the deed of sale it is necessary to go to a notary and formalize the sale of the property by means of a public deed. The notary is in charge of drafting the document and making it public, thus ensuring its legal validity.
What do I do if I have lost the Title Deed?
In case you have lost the Title Deed, it is necessary to request an authorized copy from the Land Registry corresponding to the property in question. The authorized copy is a document that has the same legal value as the original and can be used in any procedure that requires the presentation of the deed. It is important to take into account that this procedure may entail additional costs.
