The notary appointment is approaching, the purchase price has been agreed - but the purchase contract contains more than just numbers and names. Especially for owners who are selling, it is worth knowing and consciously drafting typical contract clauses. This is because some clauses have a long-term effect - both legally and financially. Careful checking before signing protects you from trouble later on.
Property description and liability
The purchase contract contains a detailed description of the property - including size, year of construction, fixtures and fittings and any defects. Sellers should disclose all known restrictions in order to avoid later warranty claims. Although a so-called "disclaimer clause" releases you from many obligations, it only provides protection if there is no fraudulent misrepresentation. Openness and documentation are the best strategy here.
Handover date and transfer of ownership
The time of the so-called economic transfer is also important: When do the benefits and burdens - i.e. insurance, property tax, duty of care - pass to the buyer? This clause is often overlooked, but is crucial. The handling of ancillary costs or tenancies that have already been paid should also be regulated. If you set everything out clearly in the contract, you will save yourself discussions later on.
Record special agreements in writing
Whether inventory is also sold, whether certain renovations are still to be carried out by the seller or how outstanding permits are to be dealt with - all of this should be included in the contract. Verbal agreements are not valid. A provision for default interest in the event of late payment by the buyer can also be useful. The notary acts as a neutral advisor - but owners should know what to look out for.
Conclusion
The purchase contract is at the heart of every real estate transaction. Owners who know which clauses are relevant protect themselves against misunderstandings - and create clarity for both sides.
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