The wording of the sales agreement should adhere to the principle of good faith and the rights and obligations of both parties should be fairly and reasonably shared. It is extremely important to read all the articles of the agreement carefully before signing to verify that that you agree with all the conditions.
The National Consumers Institute and the Autonomous Communities, working in collaboration, have drawn up a standard sales agreement for a newly-built property. In line with this model, sales agreements should contain the following:
- Parties involved: name and National Identity Document number of the purchaser of the property; name and National Identity Document number or tax number of the seller.
- Information about the plot or property: name, square metres, location, Land Register information, information contained in the annexes.
- Architect details: name, address, contact details, statement affirming that all the permits and administrative licenses required by law have been obtained.
- Builder details.
- Information on the mortgage loan: Statement affirming that the purchaser has taken out a mortgage from a bank.
The bank’s loan conditions should be attached.
- Date of delivery of the property: conditions on which said delivery is dependent.
- Total price of the plot broken down according to type of building and the annexes.
- Method of payment: The down payments and deadlines should be specified. The interest rate for late payment in the event of non-payment should be specified.
- Guarantee information: The name of the institution that is providing the guarantee should appear.
- Specify whether there is an option to assume the loan mortgage.
- Annex to the sales agreement listing the documentation that should be handed over to the purchaser: plot information, financing, building, licenses etc.
- General Conditions of the Agreement which describe the obligations of the parties.
All these points should be worded in adherence to the principles of good faith and fairness. Article 10 of Royal Decree 515/89 refers to all real estate sales contracts and leases:
“Real estate sales contracts and leases should be drawn up in a clear and concise way. Other texts or documents may be referred to provided that the parties have been given a copy of the text or document before signing the contract, or on executing the contract. They should also adhere to the principles of good faith and a fair distribution of the considerations accepted by both parties. Consequently the inclusion of clauses is not allowed ….”
The National Consumers Institute and the Autonomous Communities, working in collaboration, have drawn up a standard sales agreement for a newly-built property. In line with this model, sales agreements should contain the following:
- Parties involved: name and National Identity Document number of the purchaser of the property; name and National Identity Document number or tax number of the seller.
- Information about the plot or property: name, square metres, location, Land Register information, information contained in the annexes.
- Architect details: name, address, contact details, statement affirming that all the permits and administrative licenses required by law have been obtained.
- Builder details.
- Information on the mortgage loan: Statement affirming that the purchaser has taken out a mortgage from a bank.
The bank’s loan conditions should be attached.
- Date of delivery of the property: conditions on which said delivery is dependent.
- Total price of the plot broken down according to type of building and the annexes.
- Method of payment: The down payments and deadlines should be specified. The interest rate for late payment in the event of non-payment should be specified.
- Guarantee information: The name of the institution that is providing the guarantee should appear.
- Specify whether there is an option to assume the loan mortgage.
- Annex to the sales agreement listing the documentation that should be handed over to the purchaser: plot information, financing, building, licenses etc.
- General Conditions of the Agreement which describe the obligations of the parties.
All these points should be worded in adherence to the principles of good faith and fairness. Article 10 of Royal Decree 515/89 refers to all real estate sales contracts and leases:
“Real estate sales contracts and leases should be drawn up in a clear and concise way. Other texts or documents may be referred to provided that the parties have been given a copy of the text or document before signing the contract, or on executing the contract. They should also adhere to the principles of good faith and a fair distribution of the considerations accepted by both parties. Consequently the inclusion of clauses is not allowed ….”
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