Purchase AgreementWhat you should bear in mind before you sign a property purchase agreement

Before you sign a property purchase agreement, you should carefully inspect and review all of the important documents related to the property. This includes, of course, the purchase agreement itself. In addition to containing all of the details of the purchase itself, the agreement should also include the building specifications, description of services, and the declaration of division. The declaration of division governs the division of common and special property. Special property is the condominium you will own exclusively; common property generally includes all of the areas that are provided for communal use, such as the staircases, elevators, or sections of the gardens and grounds.

Other documents

Buyers should also review the relevant entries in the land registry, along with property’s energy performance certificate, the Homeowners Association’s community rules, the property administrator’s contract, and the minutes of any Homeowner Association meetings. Although the neighborhood’s development and zoning plans might not have a direct impact on the property, they do provide buyers with some very important information – they outline what plans the municipal authorities have for the surrounding area, which can have a major impact on the development of local property prices.

Review the purchase agreement carefully

Buyers should take all the time they need to thoroughly review the purchase agreement and clarify any unresolved issues before they sign the agreement and have their property purchase notarized. Buyers who purchase their property from a commercial developer or broker are legally granted a minimum of two weeks to review the purchase agreement. This two-week review period begins as soon as the buyer has received a copy of the draft purchase agreement from the notary. The purchase agreement can only be signed and notarized after the period. This ensures that buyers and sellers are given ample opportunity to review and amend the agreement before it is signed and notarized.

Once the details have been agreed, and the buyer has accepted the conditions and is aware of any plans for the area around their dream property, the purchase agreement is ready to be signed.

Checklist: Purchase Agreement

  • Period to review the purchase agreement
  • Notarization of the purchase agreement
  • Clear specification of ancillary property, such as parking spaces and cellar units
  • Clear payment plan, including advance payments/deposits
  • No excessive interest charges for late payment of the purchase price or scheduled payment installments
  • Purchase agreement must grant the entry of a priority notice of conveyance in the land registry