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What is the provisional sales agreement or compromise?

Usually speaking about "preliminary sales agreement" or "compromise". For the time being it is not all because they show that the buyer and seller can still break the agreement. Nothing is further from the truth: as soon as a seller commits himself to transfer a good or his property to the buyer who agrees and agrees to pay a certain price, the sale is closed and neither party can return, even when no deposit has been paid yet.
We therefore speak better of the private sales agreement.

Content of the private sales contract

The Parties:
All identity details must be included for both the buying and selling parties. When someone is represented by a power of attorney, this must also be included in the agreement.

Real estate:
The goods sold should be described as well as possible, including the cadastral description.

General provisions:
The general provisions include classic items such as the mortgage situation, condition of the property, expenses, easements and communities.
Furthermore, it is also determined when the transfer will take place of the ownership, the enjoyment, the fire insurance and taxes.

This article includes matters such as the Soil Decree, the information about the Flemish Housing Code, the Flemish Codex Spatial Planning, Nature Conservation, Forest Decree and Property Heritage. Finally, reference is also made to matters such as a fuel oil tank, the post-intervention file, the EPC or energy performance certificate and the water policy.

The costs clearly state which party will pay for which costs. For example, in most cases the buyer will pay the registration or sales rights, the fees, costs and taxes related to the sales certificate.
The seller will bear the costs that are part of his delivery obligation.

Notary choice:
In Belgium each party has the right to be assisted and represented by its own notary. The instrumenting notary is the notary who will take the initiative to draft the notarial deed. In most cases the instrumenting notary will be the notary of the buyer.

No agreement without price. In this article the price is stated unequivocally, in figures and in full. The price must also be determined how it will be paid. The most common is to pay an advance of 10%, although this is not an obligation by law and the balance in the execution of the notarial deed. The private sales agreement must also clearly state how the payment is made. With a bank check or via a bank transfer. Paying an advance in cash or cash is prohibited by law. The advance is transferred via the third-party account of our office to the consignment account of the civil-law notary who deposits the advance until the execution of the notarial deed.

Suspensive condition and other conditions:
You can also stipulate extra conditions in the compromise, such as obtaining a loan from the bank, a clause of increment, clauses about resale movable property or solar panels, etc.
When selling an apartment, provisions will also be included regarding co-ownership, the basic deed, the general meeting, etc.

Important note:
A private sales contract must always be drawn up again and for each transaction. It is therefore of the utmost importance to draw up such an agreement as completely and clearly as possible, so that no room is left for discussion. Therefore always appeal to our experience for drawing up your agreement.

Deadline of the notarial deed
There will be a maximum of four months between the signing of the private sales agreement and the notarial deed. Within this period, the registration fee, also known as sales rights, must be paid in the first instance.

What about the death of one of the parties
If one of the parties die during this four-month period, the rights and obligations that were entered into at the conclusion of the private sales agreement will automatically transfer to the heirs. The agreement therefore continues to exist, also one of the parties is gone.

We are happy to help you with the drafting of your sales agreement

Questions? Contact us.

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