What are the clauses of the contract for the sale of a house?

The property sale contract is one of the most important that you are going to sign. Here we tell you the clauses that you must include.

The clauses of a property sales contract can be confusing and difficult to read, but this does not mean that you should accept everything they say without reading them.

Below we share the most important information that your contract must contain so that, when it is your turn to sign, you can read it with a prior idea and thus avoid inconveniences in the future.

What should the contract of sale of my house include?

• Buyer and seller details
• Property details
• Sale price and payment method
• Delivery date of the property
• Penalties

Buyer and seller details

The first thing that the property sales contract should have are the full names and addresses of those involved in the transaction. They will generally be yours and the seller's.

Likewise, the seller must provide all the information that allows verifying the legality of the property's title and demonstrating its ability to carry out the sale.

This data will be very useful in case there is a problem in the future.

Property details

The characteristics of the property you are acquiring should be described (the registration number, the exact location, the square meters of the land, the square meters of construction, etc.).

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In the same way, the commercial value of the home will have to be specified and, in case the seller knows and has informed you that the property has a lien, its existence and the date on which it will be canceled must be indicated.

The seller must also state that he provided you with all the information and corresponding documentation of the house; and confirm that the property was built with the appropriate materials and has the correct installation of services.

Sale price of the property

The exact amount that you agreed with the seller to acquire the property must be established, as well as the date and form in which the payment was made or will be made, if it is in cash or by electronic transfer, and through one or more payments.

Delivery date of the property

At the moment the sale contract is signed, the property already legally belongs to you. However, the delivery date may be later than the date of the signature and therefore this must also be indicated.

A post-signature delivery date may be due to maintenance, repair, or because the home is still under construction.

Taxes

The taxes to be paid should be stipulated, either for rent or for the acquisition of property, as well as the cost of deed fees.

Penalties

The way in which both the buyer and the seller can be penalized for any breach of the clauses established in the contract of sale.

An example of these breaches may be that the seller does not deliver the property to you on the date established in the contract or, in your case, that you do not comply with the payments that were agreed.

Remember that at the time of signing the contract you will be giving your approval of everything stipulated. That is why it is important that you understand and agree with everything that is established in it. If you have any questions, ask your notary or real estate advisor.

We recommend that after acquiring your property, you register it with the Public Registry of Property and Commerce. Find out here why it is important and how to do it.

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