Compromise of sale

It is necessary for a final sate which results are being postponed up until signing the notary deed. This act can contain conditions to allow, by example, the purchaser to end the project of purchasing a property if he/she did not obtain the necessary bank loans.
Traditionally, signing the “compromise of sale” takes place when the buyer pays an Installment as a down payment of the price.
Except by the previewed conditions in the contract, neither the buyer nor the seller can legally retract from the sate after an 8-day-period of time has expired.

The unilateral promise of sate

This unilateral promise obliges the seller to agree for a certain time not to sell the pro-perty to anybody else other the potential purchaser. A amount of money usually representing 10% of the purchasing price is deposited with the bank by the purchaser.

The signing of the act of sale

As soon as the documents are completed an appointment is made for the signature.
A provisional act is sent to the buyer, asking the bank to prepare a cheque payable directly to the notary
When signing the act, it is his/her responsibility to make sure he/she took out an insurance policy on the property.