Purchase agreement

A purchase agreement is the formal contract establishing the sale of a property. It is typically prepared by a notary and includes essential elements such as the identification of both parties, a detailed property description, purchase price, payment terms, and conditions like financing contingencies or inspection rights.

Once signed before a notary, the purchase agreement becomes binding and creates mutual obligations for buyer and seller. It serves as the foundation for ownership transfer and enables registration of encumbrances (such as mortgages) in the public land register. The agreement can only be terminated if stipulated conditions are not met, such as mortgage approval failure.