What Is a Purchase and Sale Agreement and What Is It Used For?
Selling or buying a property is one of the most important real estate transactions in the market. For this reason, we want to explain what a purchase and sale agreement is and what it is used for. This document provides greater security during the process, whether you are a buyer or a seller.
Below, we explain the importance of this type of contract.
What is a purchase and sale agreement?
It is a document that is signed before the deed and sets out the commitments of both the buyer and the seller to secure the purchase of an apartment for sale in Medellín. This contract serves as a guarantee so that the seller does not continue promoting the property. Additionally, neither party may change the agreed price or the property delivery date. If this document does not exist, either party may withdraw from the transaction without incurring a penalty.
This agreement must be signed before a notary, who is the person authorized to formalize the deed once it has been signed by all parties.
When should the purchase and sale agreement be signed?
It should be signed at the end of the real estate negotiation, once both the buyer and the seller have agreed on all the details of the sale of the apartment for sale in El Poblado or the commercial property for sale in Medellín.
