Development of an apartment purchase and sale agreement

Today, the purchase and sale of property rights to real estate objects, in particular, to an apartment, is a fairly widespread practice. Such a contract can also be regarded as an equity participation contract, an investment contract, etc. In this article, our experts, lawyers Prykhodko and Partners will tell you what advantages and disadvantages there are in concluding a contract related to the purchase or sale of property rights to a real estate object.

What is property-based law: features of terminology

Among the objects of civil law, the following are distinguished:

• Property rights.
• Securities and money.
• Other elements of tangible property.
• Services and information.
• Achievement of intellectual work.
• Material and non-material goods.
• Property rights (Article 177 of the Civil Code of Ukraine).

A specific element of property is considered to be individual things and their totality. This category also includes property rights and obligations. In addition, property rights are defined as “waiting rights”. It is an integral part of property as an object of civil rights.

Property rights are considered as limited property rights. What does it mean? The point is that this legal framework related to things is quite limited. That is, the owner of property rights has only certain, but not all, legal grounds of the owner of the real estate object. In the future, he can get all legal rights to an apartment or other real estate.

Peculiarities of legal support for the agreement to purchase property rights to an apartment

Lawyers Prykhodko and Partners offer a full range of services related to the purchase and sale of property rights.

• Verification of the seller or developer

Before contacting a person who sells property rights to a real estate object, we will check it in state registers for the following reasons:

• Basic information about the seller or developer

In particular, we pay attention to authorized persons, date of registration, authorized capital, location, etc.

• Availability of debts/executive proceedings
• View all available information about the real estate object.

• Analysis of the agreement related to the purchase and sale of real estate

During the independent analysis of the agreement of purchase and sale of property rights to an apartment, serious risks may be found. It needs to be examined by an experienced specialist. In the process of analyzing the contract, we pay attention to the following:

• The form in which the contract is concluded

The Civil Code of Ukraine does not provide for any special requirements related to the form of the agreement for the purchase and sale of property rights. This means that the use of a simple written form is sufficient. Developers actively offer this form of concluding an agreement for the purchase and sale of property rights to an apartment.

• Terms

The terms in this case are really very important. Liability for violation of the terms of transfer of property rights to a real estate object must be specified in every contract.

In addition, the contract must clearly state: payment terms, commissioning of the real estate object, acceptance and transfer of the apartment, etc.

• Responsibility

Responsibility for its violation must be clearly stated in the specified agreement. The context of sanctions should be as undesirable and realistic as possible.

• Checking the availability of all permit documentation

Thus, legal support of an agreement related to the purchase and sale of property rights to an apartment will avoid various problems.

Therefore, property rights to a real estate object include all possible ownership rights to an apartment. In the future, having presented these rights, the buyer receives ownership of the real estate object.

Do you still have questions? We are waiting for a preliminary consultation! To calculate the cost of a lawyer’s services for concluding a contract of purchase and sale of property rights for an apartment, fill out the form below.