A purchase contract for a house sale: the components of a real estate purchase contract

Published on : 18 June 20193 min reading time

Anyone who already deals with the drafting of the sales contract for their house or flat during the sales process is usually on the verge of notarization. But beware: it is not uncommon for the sale of a house to fail if the parties do not agree. Or there may be agreements that delay the sale of the property or have a negative effect on you later on. Because: in the real estate sales contract all important details (not only the selling price) of the transfer of ownership to the buyer are defined.

What is to be considered in the purchase contract?

After successful sales negotiations, a sales contract should contain everything that the seller and buyer have agreed. For this purpose, the contract should form the basis for the sale and protect buyer and seller from risks. All other agreements do not otherwise have any legal validity.

A real estate agent can help as an expert with the preparation. A legal obligation only arises when the contract is signed – which is then certified by a notary.

Purchase contract: Notarization by a notary public

The notary is a public official and acts as a neutral intermediary between the seller and the buyer. His task is to organize and legally secure the transfer of ownership in accordance with the ideas of the contracting parties. A legally binding sale of real estate only takes place with the signing of a notarial purchase agreement. Possible other agreements in advance, verbally or in writing, do not entitle or obligate the parties to anything. Also so-called written lectures are ineffective.

Seller and buyer first receive a draft contract from the notary and can critically examine it before certification. Minor changes can usually also be made during notarization. Before you sign the purchase contract with the notary together with the buyer, you should make sure that you have regulated all details of the transfer of ownership as clearly as possible so that there are no ambiguities or legal disputes later.

Check contract of sale of a property

It is equally important for real estate buyers and sellers to know what must be included in a real estate purchase contract and thus define their rights and obligations. As a rule, the seller’s real estate agent takes care of drawing up the purchase contract and sends it to the buyer for inspection.

Buyers usually do not need to worry, even if these contracts seem complex and extensive, because they are standard contracts in which only special features such as the sale of a fitted kitchen are supplemented. With the help of our 15-point checklist for the real estate purchase contract you can check point by point whether all important aspects are present in your purchase contract.

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