The PURCHASE reserves the exclusive right to acquire this property and the seller can only offer foreign property if, as with the purchase of real estate, you cannot escape within the framework of your protection and not conclude a contract only orally or by handshake, because the purchase of such property is in fact an expensive – even risky – investment. The booking contract includes the payment of serious money as a form of non-refundable accounting that is part of the purchase price. It shows your serious interest in a property for sale. Legally, both parties are required to do what is written in the contract, but if you both withdraw from the contract, you must resign – or give up what was given and obtained. So it`s important that you keep receipts and photocopies secure, especially when it comes to money. [For PH claims rules click here] For this reason, the booking contract is one of the most important documents in the entire real estate purchase process. And here`s why you shouldn`t get out of it. As mentioned above, the document also contains all the basic information and specifications of the property. Thus are the payment terms for future transactions. It is necessary that you understand it and read it completely, they will finally regret signing the contract whose content may seem harmful or risky on your site.
What is going to happen will put you in a difficult situation, because if they don`t, they will have to pay contractual penalties, and that is your failure as a buyer. In the event of voluntary termination of this contract by the BUYER, without reason on the part of the SELLER or if the SELLER does not comply with its obligations, the SELLER has the right to terminate this contract, in which case EARNEST MONEY (amount in words) (P 000,000.00) is considered as a lump sum damage to the benefit of the SELLER. If you want to buy a property, real estate brokers or agents can offer a “reservation contract” or a “reservation request”, an agreement that ensures that the property you want to buy is reserved and removed from the market, which prohibits the purchase of others. As with the purchase of real estate, you cannot escape it as part of your protection and conclude an agreement only by an oral agreement or a handshake, because the purchase of real estate is actually an expensive – even risky – investment. In addition, this agreement contains basic information and specifications such as the full address of the property, the type of property, the base area, the preferred payment option (cash, house, financing) and the payment terms agreed by both parties. If you wish to benefit from it, a “serious money” will be made available or fees often called booking fees will be made available. Their lack of knowledge of the contractual conditions is not an excuse for any case. It is your responsibility to read them carefully – if not word for word from start to finish, and to take the time to commit so as not to fall into a legal trap….