Contracts Concerining Sale And Purchase Of Real Estate
Real estate sale contracts allow the transfer of the ownership of a real estate, are prepared officially in writing and entered into before a land registry officer. Due to the reason that these contracts are considered to be a part of the registration, obligation to transfer the ownership of a real estate cannot be promised independent of the official contract. This is why a contact of promise of real estate sale is considered to be a frontal contract.
A contact of promise of real estate sale is issued by public notaries. However, in order to contend this contract against third parties, it needs to be registered in the land registry. With a contact of promise of real estate sale that was issued and entered into properly, either party can compel the other party to perform the contract and transfer the ownership of the real estate in land registry. A contact of promise of real estate sale can be terminated either by the parties’ intentions, performance of the contract, statute of limitation or termination by convenience.