When purchasing an apartment A properly drafted.
An advance payment and a deposit when buying an apartment are a mandatory part of the purchase and sale agreement. They act as a guarantee that the transaction will be concluded under certain conditions that the parties initially list to data recorded in the agreement.
The amount of the deposit, as well as the advance payment.
A properly drafted is determined by the buyer and seller independently on a contractual basis. Usually the amount corresponds to 5-10% of the price of the purchased apartment.
Deposit, advance payment, earnest money
The concept of “advance payment” is not defined by law. In fact, it is a prepayment under the contract. If the transaction is cancelled, the seller returns all funds received to the buyer.
A deposit is a guarantee of the transaction. If there is an advance payment agreement when purchasing an apartment, if the buyer refuses to enter into the main agreement, the money remains with the seller. Otherwise, the real the future of phone numbers: beyond the standard format owner of the subject of the transaction is obliged to return the funds to the failed partner in double the amount.
A pledge when buying an apartment is a guarantee
That the lender will be repaid the loan. If problems arise with the borrower’s solvency in the presence of such an encumbrance, even if he has other creditors, the pledgee will have a preferential right to compensation for his expenses through review b the sale of the pledged property.
The pledger is always the owner of the item or his authorized representative. The acquired living space or another object, including vehicles, securities, etc., can be transferred as collateral. The pledge agreement when buying an apartment with a mortgage is drawn up simultaneously with other credit documentation. The correct sample of this document can be found on our website.