Provisional Sale And Purchase Agreement Meaning
After the execution of the PSPA of a property, the agreement must be registered in public registers in accordance with Article 2645 bis of the Italian Civil Code. The registration is intended to guarantee the buyer against the effects of a possible new registration that can be carried out successively by third parties (for example. B, sales, mortgages, mortgages, mortgages, etc.). As noted in an appeal procedure (see Keung – Another v Sunny Way Limited), most interim purchase and sale contracts existed as an “escape clause”. An “escape clause” is a clause that allows a party wishing to terminate the transaction (i.e. terminate the agreement) to “buy its exit door” within a short period of time after the provisional agreement has been signed. In the case of a seller who wishes to resign, he agrees to return the first down payment to the buyer, double an equivalent amount to be paid to the buyer (to pay the “double down payment”). In the case of a buyer who wishes to resign, he renounces the first deposit. If one of the parties invokes the escape clause, that party must do so in strict compliance within the time limit set out in the provisional agreement. The special conditions agreed between the parties must be specified in the agreement, z.B if the purchase price contains a list of furniture or if the seller allows the buyer to enter the property before the completion of the decoration, or if the seller or buyer must bear the costs of repairing/renovating public spaces or facilities required by an order/notification issued by the competent authority or registered owners before completion. An interim sales contract is a binding agreement. The agreement contains the names of the credit taker or seller and buyer. It also contains the addresses of both parties and the number of ID cards in Hong Kong.
With respect to the services provided in connection with the sale and sale, the real estate agent has the right to collect an agreed and specified commission from the seller or buyer. The amount and payment of the commission are subject to the respective brokerage contracts concluded by the real estate agent with the seller or buyer.dem. A real estate agent who is a broker for both the seller and the buyer in a transaction and who has the right to collect commissions from both should inform the seller and buyer. In the Hong Kong real estate market, it is customary for the seller and buyer to enter into an interim agreement for the sale and purchase of real estate (“provisional agreement”) of real estate either through real estate agents or lawyers. Although there are no standard forms, the interim agreement generally provides or processes the following information: This agreement describes the address of the property, the price of the property, the amount of the deposit, the method of payment and the date of delivery of the empty property. It also contains many clauses that contain the terms of the agreement, including liability issues, standard guidelines and the real estate agent`s commission. At Stornelli Law Firm, we offer support throughout the buying and selling process, from negotiating all PSPA terms to the closing exchange, based on the specific needs of our clients and without them being physically present at every stage of the process. The provisional sales contract also gives you a right of withdrawal for a period of 10 days after signing. If you decide that you no longer wish to buy the property during this period, the seller returns the security deposit (which represents 10% of the sale price) that you gave them at the time of signing.
The “preliminare di compravendita contract”, also known as “compromesso”), is – like an offer to buy – a contract that obliges the parties to sell and acquire a particular property through the final contract of compravendita.