5 things to review in a sales contract

After a long search, you have finally found the home of your dreams? congratulations! A new adventure full of illusion begins.

You are about to have in your hands one of the most important documents that you will probably sign in your life; the purchase contract.

Before signing it, it is important that you understand it in depth and identify the most relevant clauses.

5 things to review in a sales contract

Make sure you check that…

• The remaining price to be paid is the agreed price

It is not superfluous to check carefully that the remaining price to be paid is the agreed one. Especially if you have already paid a part of it at the signing of the earnest money contract, which is usually 10% of the total value of the sale.

• The property is described correctly

The advertising of the property must be accurate. There can be no misleading advertising.

According to the Law on the Right to Housing: the offer, promotion and advertising aimed at the sale or rental of housing must comply with the principles of truthfulness.

Thus, fundamental data may not be concealed, nor may it induce any error with economic repercussions.

What information and characteristics must a sales contract include?

• The surface of the property (useful square meters).
• The complete address.
• The registry of the property.
• Information about the common areas.
• The possible charges that culd have the property.

• All the annexes are included

It is essential that the description of the property contains a detailed list of all the annexes that are included in the sale, as well as their characteristics.

• Garages.
• Sheds.
• Storage rooms.
• Pool houses.
• Separate apartments.

• It specifies the distribution of the expenses derived from the sale and purchase.

It is necessary that the contract includes the distribution of the expenses related to the real estate transaction:

1. Agency fees.
2. Taxes and fees.
3. Fees of the notary for the deed of sale.
4. Agency fees.
5. Appraisal costs.
6. Amount of the cancellation of charges and pending debts.

In the case of Catalonia, the Civil Code establishes that, unless otherwise agreed, the expenses of the deed and the first copy are the responsibility of the buyer.

• The date of delivery is indicated

Finally, make sure to verify that the agreed date and time for the handover of the keys is clearly stated in the purchase contract.

Once you have reviewed all the important aspects of the purchase contract, you are ready to begin an exciting journey as a homeowner.

At KM2 Real Estate Services we want to be by your side during the buying and selling process.

We accompany you before the handover of the property in order to ensure the smooth reception of the property.

In addition, we have an after-sales service where we will advise you on the resolution of any possible incident.

Do not hesitate to contact one of our agents to request more information or to arrange a visit.