Is it worth it to sign a preliminary contract at a notarial office?

15 Sep 2016

A preliminary sales contract may be concluded in the form of a notarial deed not only when the situation calls for it due to bank requirements when getting a loan or the lack of neccessary documents at the most inconvenient time.

    A preliminary contract regulates vital provisions of a future final contract that will de-facto transfer ownership of real estate, a situation which allows both sides to appear at the decisive meeting with the comfort of foreknowledge and preparedness to deal with the finer points of the transaction. The notary will analyze the legal environment of the real estate and explain in detail issues that are often not given their due attention. Good examples are: the difference between an in earnest payment and an advance payment, the difference between a storage room attached to an apartment and one that has a separate entry in the land and mortgage register or for instance the differentiation between various types of rights to real estate – often intentionally omitted in the primary market.

Read More