Posted on September 8, 2010
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When you want to buy a new house you will have to fill in a document called a purchase and sales agreement form. This document contains the following:
- The name of both parties-the one who is selling and the one who is buying
- The description of the property that is being sold. By description I mean address and also specifications regarding any other materials that are linked to the property like pipes and heating devices.
- The sum of money which is going to be transferred from one part to another. This can be done either by paying all the money at once or in monthly shares.
- The fact that the buyer will have to pay all the expenses regarding the process of selling including all the taxes
- Clauses regarding the fact that the buyer doesn't manage to get the all money for payment. Here for example if he doesn't get the loan from the bank in time the money that he gave as deposit to the seller will not be refunded.
- Clauses that regulate any kind of pests that may be in the house. The buyer in this case can at the expense of the seller request a cleansing of the building or space
- A Survey that can be made by the buyer so as to inspect the property. This survey can be done by a specialized company and supervised by an attorney at the latest in 7th day after the house has been sold. If the survey reveals any kind of problems regarding the house in the next 7 days the seller will have to reach an agreement with the buyer or else he will have to return the sum used for the transaction and also pay a fine.
- The fee-s for all the institutions that are involved in this process like all the attorneys and the companies that are supposed to supervise it.
- The signature of the buyer and the seller alongside the date in which the transaction took place in the purchase and sales agreement form.
The purchase and sale agreement form needs to be registered at a court house and only after that its clauses can be put into effect. Also there is a section that allows any kind of clauses agreed by both parties to be written so as to make the document flexible.
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