What is a real estate sale agreement?

WHAT IS A REAL ESTATE SALE AGREEMENT?

A real estate purchase agreement (also called a real estate purchase agreement) is in practice the most common legal basis for a derivative (derivative) way of acquiring real estate ownership rights, in which the ownership rights of the ancestor (seller) are transferred to the acquirer (buyer) based on a legal transaction - a contract of buying and selling.

What is the purpose of that sales contract? What legal provisions apply?

In the real estate sales contract, the seller is obliged to transfer the right of ownership of a certain property to the buyer, and the buyer is obliged to pay the seller a certain price for this.

From this general definition, it can be concluded that it is a consensual, bilaterally binding and fee-based legal transaction, and unlike other sales contracts that can be concluded in any form, a real estate purchase contract is a formal legal transaction because the Obligations Act as the assumption of validity requires that it be concluded in writing.

The Obligatory Relations Act does not regulate the contract for the sale of real estate separately, but together with the provisions that apply to other sales contracts that have as their subject, for example, movable property, but with certain specificities.

The goal of this contract is the transfer of real estate ownership rights, and considering that real estate ownership issues are governed by the Law on Ownership and Other Real Rights and the Law on Land Registry, a good knowledge of both real law and mandatory law is necessary.

It should be noted that the acquisition or transfer of the right of ownership does not occur by the conclusion of the contract of sale or by the handing over of possession.

For the transfer of ownership rights from the seller to the buyer, the sales contract is the only legal basis (titulus), and the ownership will be transferred to the buyer only by making appropriate entries in the land register (modus), i.e. by deleting the ownership rights from the seller and registering the ownership rights to the buyer with the fulfillment all necessary legal formalities.