Purchase proposal

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Purchase Proposal

The purchase proposal is a unilateral contract that the buyer can make before the preliminary contract. It is the manifestation of the principal to buy a certain property and it’s direct to the owner of the property. By accepting the proposal from the seller, the purchase agreement becomes binding on both sides, turning into a real bond mutual agreement or so-called preliminary contract. Normally the purchase proposal is irrevocable for a certain period of time, i.e., the proposer agrees and undertakes, under the conditions dictated by him, to hold it in place until the deadline.

The essential elements

The essential elements such as the preliminary proposal must contain all the essential elements: the exact identification of the owner, the exact identification of the purchaser, the precise description of the property; the obligations of seller and buyer, the price sales and its mode of payment, conditions of sale and guarantees of the same, indicating the presence of any mortgage and registration formalities prejudicial and the names of the urban land and the good, the effect of the possession of the property; deadline for concluding a final agreement;

The acceptance of the proposal

Once the proposal is accepted there is the intention of both parties to conclude the sale. The sale has the same value of the preliminary and it should be recorded.