Contract
Private contracts will be signed once the developer has requested the buyer to do so, once the pre-commercialization phase has been completed to confirm the viability of the development, once the building permit has been obtained, and once the guarantee is in place to safeguard the amounts to be paid by the buyers on account of the price.
This is a contract in which the seller undertakes to sell and deliver the property to the buyer, while the buyer undertakes to purchase and acquire the property, paying a certain price for it as consideration. At the time of signing the earnest money contract, the buyer will pay part of the price as earnest money, and a schedule of payments is agreed upon in which the buyer must pay additional amounts on account of the price, which will increase the total amount paid on account of the price, until the execution of the deed of sale.
Once the private contract of sale has been signed and, unless a different consequence has been expressly regulated in the contract, if the buyer renounces the purchase, the seller will be entitled to take back the amounts delivered up to that moment as deposit. If, on the other hand, it is the seller who decides not to proceed with the sale, he will be obliged to return to the buyer double the amount received as earnest money.
If it is brought forward over the contractual deadlines, the client may choose between waiting for them to be met or bringing forward the payments in order to dispose of the property as soon as possible. If delivery is delayed within the deadlines and extensions stipulated in the contract, there are no consequences, but if it is delayed beyond the deadlines stipulated in the contract, the corresponding penalties will be applied.
If the buyer does not make the installment payments within the agreed deadlines, it will be understood that there is voluntary and free withdrawal by the buyer, and the developer may take possession of the amounts paid and freely dispose of the property, without prejudice to the developer being able to claim the amounts owed.
The developer will only summon the buyer to sign the private sale and purchase contract once the pre-commercialization phase has been completed, once he has obtained the corresponding Building Permit and is in a position to guarantee the amounts paid on account by the buyer, by virtue of which the developer assumes the commitment to transfer the property. Thus, if construction and delivery cannot be carried out, the developer must return, as full compensation including potential damages, double the amount paid by the buyer as a deposit, unless another penalty has been expressly agreed in the contract.
