Advices > Before signing the transaction contract ...
Although it is recommendable to directly sign the contract of transaction in
a public document (writing before notary), it is frequent that the buyer and
the salesman previously formalize the transaction by means of the signature
of a private contract, where they also settle down who will become position
of the expenses and taxes that the operation originates.
Consider that the mere fact to sign a private contract of transaction does not
turn you to proprietor of the property, until the delivery of the keys is made,
what usually agrees with the signature of the deed.
The price of the transaction can be agreed:
Counted. That wants to say, the complete amount is given in the transaction
act. In this case the most recommendable is to directly sign the deed before
notary.
Postponed. The habitual thing, when there is signed a private contract
of transaction is that the price is made postponed reserving the greater
possible amount for the signature of the deed. In the case of transaction
with postponed price, the salesman can be guarantee himself, by means of
a resolving condition, what means that if the buyer does not pay the building
it returns to be his property.
Subrogation of loads . The pre-existing loads, as the mortgage
and the pending receipts payment must be discounted of the price given to
the salesman. If you are going to subrogate yourself in them, you have to
get in contact with the creditor to determine the conditions. In case a mortgage
exists, you must know that the financial organization must give its consent
so that you can continue paying the loan that has the house, what will be
made at the moment of the signature of the deed.
Remember: Try to directly sign the deed before notary. In opposite
case, agree in the private contract the date in which it will be elevated to
public. If the house has mortgage, go to the bank to study a possible subrogation.
