The sale agreement is binding on both parties
The term ‘provisional agreement’ is a misnomer because this sale agreement constitutes the sale and is binding on each of the parties. The clauses of the agreement also serve as a basis for the notarised deed.
It is therefore important for the sale agreement to be worded as clearly and completely as possible. So it is advisable to seek the assistance of a notary, which does not usually entail any additional charge.
A deposit is generally paid when the sale agreement is signed. The notarised deed also has to be drawn up and signed within four months of the signing of this sale agreement.
The sale agreement may possibly contain one or more conditions precedent. This means that the seller and the prospective buyer make their agreement dependent upon the meeting of a given condition. This condition is generally imposed by the prospective buyer. They may thus have a clause inserted stipulating that the sale may become effective only if their mortgage is granted.
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Updated on 23 march 2022