A Contract of Sale of Real Property is a contract between two or more parties in which the seller agrees to sell and the buyer agrees to buy a real property. The contract outlines the terms and conditions for the sale and purchase of the property. The property in this contract includes land, houses and any type of building.
This document protects the parties to the agreement as it contains terms that the parties have expressly agreed to and no party can withdraw from the contract without being liable for a breach of contract.
How to use this document
This document can be used when a person or company desires to sell an immovable property to another who has agreed to buy the property.
In this document, the form filler will be required to fill the particulars of the parties, the description of the property being sold, the purchase price and the terms and conditions of the agreement.
The document enable parties to agree on basic terms such as whether the purchaser(s) will be required to make an initial deposit, the manner in which the purchase price will be paid, date and place of closing, if there are personal items (fixtures and fittings, such as furniture, kitchen utensil etc.) to be sold along with the property etc. It also contain other terms such as insurance of the property and whether parties agree to resort to arbitration to settle their dispute.
After filling this form, the parties to the agreement must sign the document and their witnesses must fill out their names, addresses, occupation and sign the document.
Where any party is a company, the company seal of that party must be affixed on the document and at least two directors or 1 (one) director and 1 (one) secretary must sign the document.
After signing, each party must keep at least one original copy of the document for record purposes.
The general rules of contract applies to this agreement.
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