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In transactions for the sale of immovables, the promise to sell contract, which is an official document, is defined as a preliminary contract that constitutes the security of a future dated sales contract. So, what is the preliminary real estate sales contract? What are the terms of validity?
A real estate pledge to sell contract is a preliminary contract aiming at the actual sale of an immovable property, which is planned to be made at a future date, in return for a price determined by the seller and within the conditions determined by the parties. This document, which is also expressed as a commitment to the final sales contract to be made in the future, becomes an official document through the notary public. Afterwards, with the deed annotation to be made by one or both parties, the promises and commitment statements subject to the terms of the contract are approved by the land registry officer.
The promise to sell real estate contract creates certain obligations for both the buyer and the seller. The rights that are subject to the promise of sale of the immovable property can only be claimed by both parties together. Accordingly, the buyer cannot solely request the actual sale to be made based on the contract. The seller must also participate in this transaction.
In order for the real estate sales promise agreement to be valid in official transactions, it must be arranged in accordance with legal procedures at a notary. Contracts issued outside the notary public and brought to the notary only for signature approval do not have any legal validity. On the other hand, in order for the promise to sell to be valid, the sales price of the real estate and, if it is to be paid in installments, these payments must be clearly stated in the contract.
Although these contracts on immovable property are binding between the buyer and the seller, they must be annotated to the title deed in order to avoid future victimization. Otherwise, the same real estate can be sold to someone else with this contract. Deed annotation can be done at the request of either the buyer or the seller.
Legal Term and Penalty Conditions
The validity period of the annotation placed in the deed for the real estate sales promise contract is 5 years. If the real estate purchase and sale transactions are not completed within this period, the legal validity of the title deed annotation ceases and the contract is canceled by the land registry office.
The articles in the promise to sell contract generally contain the conditions determined between the buyer and the seller. In some cases, penal terms may be imposed on the contract at the request of the parties against the withdrawal. These conditions come into effect if the buyer or seller gives up the contract during the contract period.
The amount of down payment received in the promise to sell contract issued as a guarantee for the real property value represents the debt paid for a part of the sales price. While the contract period continues, the seller returns this down payment means the termination of the contract. Apart from this waiver, after the contract, the seller must complete the deed transfer with the buyer completing the debt. If the debt related to the real estate is over and the terms of the agreement are met, but the seller does not transfer the title deed, the buyer may file a lawsuit with the Civil Court of First Instance and request the transfer of the real estate in his own name.
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