Contract law. Real estate sale agreement (most important)

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Contract law. Real estate sale agreement (most important)

Lecture notes, cheat sheets

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29. AGREEMENT FOR THE SALE OF REAL ESTATE

On real estate sale agreement the seller undertakes to transfer real estate to the ownership of the buyer, and the buyer undertakes to accept this property under a deed of transfer and pay for it a sum of money determined by the parties.

The contract for the sale of real estate is:

1) consensual - is considered concluded at the moment of reaching an agreement between the parties in the form required by law;

2) paid;

3) mutual - the existence of subjective rights and obligations for both parties to the contract for the sale of real estate.

Contract for the sale of residential premises is one of the contracts for the sale of real estate and has a number of distinctive features:

1) the intended use of the dwelling;

2) the impossibility of changing the target nature at the discretion of the parties;

3) residential premises can be used both for the residence of the owner himself, and for other persons to whom the premises are provided for residence as family members, either under an agreement or by virtue of a testamentary refusal by the former owner;

4) the contract must expressly indicate the rights of persons who, at the time of the sale of the contract, do not live in the residential premises;

5) the need for state registration of the contract.

Seller

▪ any subject of law:

1) the owner of real estate;

2) state or municipal enterprise;

3) legal entity.

Buyer - any subject of law.

subject of a contract - real estate.

Form of contract - written, by drawing up one document signed by the parties, with mandatory state registration of the transfer of ownership.

Essential terms of the contract purchase and sale of real estate are the terms of the subject of the contract.

Upon transfer of ownership of buildings, structures and other real estate, the buyer also transfers the rights to that part of the land plot that is occupied by the sold real estate and is necessary for its use.

Rights and obligations of the seller:

1) transfer of real estate to the buyer;

2) transfer to the buyer of the ownership of the sold property and putting it into possession of the property;

3) transfer of property into ownership free from the rights of third parties, except in cases where the buyer agreed to accept the property with an encumbrance.

Rights and obligations of the buyer:

1) the obligation of the buyer to take ownership of the immovable property;

2) register the transfer of ownership of the property;

3) the obligation to pay for the purchased property;

4) notify the seller of the improper performance of the contract;

5) obligation to insure property (the last two obligations are additional).

Author: Rezepova V.E.

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