If the buyer decides, between signing the sales contract and closing the house, that he wants to resign for a reason that is not stipulated in the contract, he loses his serious money and the seller puts it in his pocket. However, a buyer can get his serious money back if he returns for a reason defined in the contract. After the conclusion of the sales contract, the sales contract remains an important reference document, as it covers the operation of a possible contract and contains restrictive agreements, confidential commitments, guarantees and compensation, all of which can remain very relevant. As a general rule, the buyer`s representative writes the sales contract. However, unless they are authorized by law to practice law, real estate agents generally cannot establish their own legal contracts. Instead, companies often use standardized form contracts that allow agents to fill gaps with sales specifics. A purchase and sale agreement (SPA) is a legally binding contract that describes the agreed terms of the buyer and seller of a property (for example. B of a company). It is the most important legal document in any sales process. Essentially, it presents the agreed elements of the agreement, contains a number of safeguard measures important to all parties involved and provides the legal framework for the conclusion of the sale.
The G.S.O. is therefore essential for both sellers and buyers. Ok, we now know what is being sold, for how much, and that it is legal for the seller to go up to the sale. But the seller has other responsibilities. For example, the seller must keep the house insured from doing regular repairs and maintenance, and continue to pay taxes until the time of sale (seems obvious, but it is there for a reason). It also describes the requirements for smoke and carbon monoxide detectors and obtaining a certificate 6 (d) for condominiums. Finally, the seller`s broker (either his real estate agent or his lawyer) is required to hold the buyer`s deposit into a protected bank account (called Treuhand) until the sale is effective. Since verification of the purchase and sale contract is usually left to buyers and sellers, it is important to understand the details of the transaction. Think of it as a financial vocabulary test where it`s definitely worth getting an A. With regard to the creation of an agreement covering all aspects of the sale, it is essential that the agreement be signed by individuals with the legal power to engage the parties in the contract. When a party is a person or person who runs a business as an individual contractor, that person is the person who signs the contract. If you work with another type of entity, the agreement must be signed by company executives or directors, an executive or member of an LLC or at least one of the partners as part of a partnership.
The buyer will try to prevent the seller from creating a new competitive business that will damage the value of the business sold. The sales contract therefore contains restrictive agreements that prevent the seller (for a fixed period and in certain geographic regions) from recruiting existing customers, suppliers or employees and, more generally, from competing with the sale of the business.