The promise to purchase is a crucial legal tool in the property buying and selling process, especially in cases where the home is still under construction and is not owned by the seller.
This alternative allows the buyer to ensure the acquisition of the property once the construction is completed and the property is legally registered in the name of the seller.
At Legal Boutique Ibiza, we have used this mechanism to guarantee the safety and satisfaction of our clients, providing effective legal solutions in complex situations.
What is a Promise to Purchase in Property Purchases and How Does It Work?.
In this case, a promise to purchase contract has been made, that is, when the property is in the name of the seller, she has the written commitment and obligation to sell it to our client.
This allows the buyer to secure the purchase of the home once construction is completed and the property is legally in the hands of the seller.
Advantages of the Promise to Purchase in Homes Under Construction.
And you will say, what about the down payment or earnest money for the seller to acquire this commitment?
Well, if we give it to the seller, we do not have the assurance that the house will be in her name within the period established in the promise of purchase contract.
The set period is the period that the promoter gives for the delivery of the house and something more to allow time for the formalities of registration in the property registry in the name of the seller.
Steps to Formalize a Secure Purchase Promise.
Well, this has been resolved with a safe solution for both, depositing the amount of the deposit in the notary’s office, with the notary being the one who keeps and safeguards this money.
This way, it is safe and will only be delivered to the seller as long as the requirements indicated in the deposit are met.
Therefore, anything is possible as long as a legal and safe way to do it is found, so that all parties are comfortable and confident.
Having quality legal advice for this type of unconventional matters and obtaining a solution to situations that at first seem impossible to solve is crucial.
Success Stories: Promise to Purchase in Unfinished Homes.
It is an agreement where everyone wins and the final objective is the purchase and sale, but always safely.
This method has allowed our clients to ensure the purchase of their homes under construction without unnecessary risks.
At Legal Boutique Ibiza, we are committed to providing effective and personalized legal solutions for each situation.
At Legal Boutique Ibiza, we are here to protect you.
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We Specialize In:
- Criminal law
- Family right
- Real estate law
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