PURCHASE AND SALE OF REAL ESTATE

For the purchase of real estate, a solid legal basis is of the essence in preventing a poor start in putting plans for the future into practice. The transfer process for real estate broadly breaks down into three components, namely the purchase agreement, the transfer and the entry in public registers.

PURCHASE AGREEMENT

In the purchase agreement, the results of the negotiations between the vendor and the buyer are laid down in writing. This agreement contains the standard provisions such as the (payment of the) purchase price, the date of transfer, the guarantees from the vendor and the environmental aspects. In the purchase agreement, specific and/or non-standard agreements and special (resolutory) conditions in respect of the real estate property can be recorded.

TRANSFER & REGISTRATION

The agreements contained in the purchase agreement between the purchaser and vendor are executed by means of the signing of the deed of transfer before the civil-law notary. The civil-law notary informs all parties involved in the transfer of the real estate property and monitors their interests so that the transfer is concluded successfully. The coordination of the money flows between buyer, vendor, financier and tax administration are all part of the civil-law notary’s tasks. The civil-law notary subsequently submits the signed deed on transfer for entry in the records of the public register and the Land Registry Service. Following entry in the public registers, the transfer of the real estate property is fully effected.