Purchase Agreement: How to Properly Own a Property


Canninghill artist impression image sourced from https://canninghill-pier.com.sg/

Most of the apartments and houses are sold through the registration of the contract of sale. The transaction involves the transfer of ownership from one person to another and is necessarily controlled by a notary.

In today’s article, real estate experts will talk about the legal intricacies of the contract, talk about the pitfalls and give clear recommendations. For more information, you can  visit the official website for Canninghill Piers: https://canninghill-pier.com.sg/. The information will allow you to quickly understand the regulatory documents and be sure of the correctness of the transaction.

Purchase agreement: important nuances

There is a single template of papers, which are signed by the parties when coming into an agreement regarding the sale of a property. The contract of sale is printed on a special form, signed by the buyer and seller, certified by the notary. Such forms have special protection, so it is extremely difficult to forge paper. What important information is stated in the document?

  • Seller and buyer’s details along with identification code. The notary checks the status of the passports of the two parties for forgery. Normally, there are no problems at this stage.
  • Address of the property and square. The basic information is taken from a technical passport. Here, too, the probability of making a mistake is extremely small.
  • Data on the basis on which the seller owns the apartment. This can be both a gift agreement and a standard sales contract.
  • The buyer’s marital status. It is an extremely important point for both sides. In the absence of a spouse, it is not possible to issue a document (unless the marriage is dissolved).
  • Extract from the register of real estate rights. The notary must make sure that the object is not subject to any burdens (arrest, bail, ban on sale, etc.).
  • The amount of valuation and the sale price. In any case, you cannot understate the real value of real estate, so as not to pay taxes. The buyer must specify exactly the amount that he passes through the notary to the seller or draws up in a non-cash way.

Otherwise, it will be extremely difficult to prove the real value of the property and the buyer will be returned exactly as much as specified in the sales contract.

How to buy a condo or a house without any problems:

Finding the right option. You can do it yourself. The latter option saves a lot of time and nerves, plus all documents are issued very quickly.

Meet the property owner. At this stage, you can already connect a lawyer who will check the documents and help avoid litigation. But even on your own you can learn a lot of important information;

The buyer is obliged to find out about the owners of the apartment and the number of registered people in it. You can also immediately determine the time for the release of housing and removal of things.

However, when buying property in Canninghill Piers, you will have the assurity that you are buying property from a trustworthy seller. To know about Canninghill Piers estimate launch price, we suggest you to visit the website Canninghillpiers.com.