This document includes details such as the purchase price, the transfer date, and any conditions or warranties that may apply to the property.
What is a deed of sale?
A sale deed is the same as a purchase contract or provisional sale deed. It is the first important document you will sign as a homebuyer. The deed of sale contains all the transaction details, including the purchase price, the buyer and seller's names, and the transaction's terms. After signing the sale deed, you have three days of reflection time to withdraw from the purchase at no extra cost. Once this statutory period has expired, the deal is final, and you can no longer waive it without penalty.
So what does a deed of sale specify?
The sale deed specifies essential details such as the purchase price, resolutive conditions, and delivery date.
First, it is important to know that a sale deed is simply a valid agreement. There is nothing provisional about it, yet the term 'provisional sales contract' is often used. By signing the bill of sale, you commit yourself to the purchase, albeit subject to certain conditions.
The sales contract also includes the resolutive conditions of the contract. The resolutive conditions are the valid reasons for abandoning the purchase or sale of a house, for example, if you cannot secure the mortgage, i.e., financing reservation.
What is the difference between a sale deed and a transfer deed?
The sale deed is not drawn up by the notary but by the broker. It is the purchase agreement between the buyer and seller. The deed of transfer, however, is drawn up by the notary. After signing and registering this, you are the owner.