One of our lawyers noted that in theory, the sale of land can be done: no. An oral agreement must be reduced to the letter and signed by the buyer and seller to become valid. As no contract has ever been concluded or signed, there is nothing to force for the buyer. While oral negotiations may be a quicker way to reach an agreement, oral agreements for the sale of real estate are not applicable. Conclusion: Real estate contracts must always be concluded in writing to be enforceable. To be enforceable, a land purchase contract must comply with the fraud regulation, which generally requires that these contracts be signed in writing and by the parties. Note that this writing departs from the instrument under which the actual transmission takes place, known as the “act.” Real estate transfers are carried out in a two-step process. The first step is the sales contract that is the subject of this sub-chapter. The second step is closure. At the close, the document representing the property, the “document,” is transferred to the party receiving the property. Closures and deeds are the subject of the next sub-chapter. Once the contract is signed, the buyer must own the home in “equity” because he or she has the right to obtain ownership of the house, and it is only a matter of time before he or she obtains that property.
In other words, the “appropriate title” changes ownership as soon as the contract is signed. This rule is called the doctrine of “just conversion.” On the other hand, the “legal right” of the property is transferred to the buyer only when the property is actually handed over to the buyer. For example, this presentation will focus on the first phase and examine the requirements of real estate contracts, discuss the vendor`s most fundamental responsibilities in a real estate transaction, and discuss corrective actions in the event of a violation of a land purchase contract. In the event of a breach of the buyer, the seller is entitled to financial damages to compensate for his injury. Because they are very difficult to determine, real estate contracts often provide that, in the event of an infringement committed by the buyer, the seller can keep the down payment (sometimes referred to as “serious money”) as compensation for the loss of the sale. While the National Association of Realtors says that serious money is generally 1 to 2% of the purchase price, it can be much higher (as much as 10%) some markets. The amount of serious money is obviously negotiable between the parties. A third option may arise for the buyer if the seller still wants to sell the property but has broken the contract in another way (for example. B by misrepresentation in the contract or by default of delivery of the house on the agreed date, etc.). In this case, the buyer can terminate the contract or let the sale pass. If the buyer lets the sale pass, he or she can deduct from the purchase price any damage he or she has suffered as a result of the violation.
