Contract Of Sale: Keys To Draft It

A sales contract is nothing more than the act by which a seller assumes the obligation to transfer ownership of an asset to a buyer in exchange for payment. That is, when a consensual contract in which both subjects agree to complete the transaction.

In other words, when two people agree to transfer an asset for a certain price, a sales contract is established; one of the most celebrated contracts.

Main Features

A contract of sale can be drawn up freely and in each case what needs to be included in it must be considered. However, there are certain important data that cannot be missing, such as the personal data of the interested parties and the data of the object or that is transferred.

Among The Main Characteristics Of The Sales Contract Are The Following:

  • Bilateral and reciprocal : you have rights and obligations for both parties.
  • Onerous : includes reciprocal economic benefits and obligations.
  • Commutative : generates equivalent and reciprocal contractual charges for both parties.
  • Principal : this contract is the principal in the transaction, that is, it does not depend on another.

Obligations In The Contract Of Sale

  1. Obligations Of The Seller
  • The seller must transfer the property or title of right to the buyer.
  • Keep the good in perfect condition until delivery.
  • You must deliver the property to the buyer.
  • It also guarantees the buyer that he acquires a useful and peaceful possession .
  • You must respond to eviction; as well as the hidden vices and defects that the good object of the sale contract may have.
  1. Obligations Of The Buyer
  • You must pay the price stipulated for the good in the contract.
  • If payment is late or a sale is agreed with deferred payment, you must also pay interest .

You Also Have Some Rights , Mainly:

  • Receive the good you buy.
  • Receive said good in good condition.

How Is The Sale Contract Formalized?

To Formalize The Sale Contract It Is Necessary To Present It In Writing To The Parties And Ensure That It Contains, Among Other Information:

  • The place and date of the contract.
  • The data that identify the parties.
  • A description of the item being sold.
  • The total price and how the payment will be made.
  • If it exists, the amount of the initial payment. In this case, the successive terms will also be indicated until the payment of the property for sale is completed.
  • The interest that will be required in the event of default.
  • If agreed between the parties, a title reservation clause will also be included.

The sales contract is perfected based on the consent of the buyer and seller. That is, if at the time of consent both the object and the price had already been defined, the contract is perfect. Assuming the obligation already implies that the contract occurs , without the need to transfer the property.

Types Of Sales Contract

More Than Types, Within The Sales Contract, We Can Distinguish Some Variations Of Contracts:

  • With Reservation Of Title : the transfer of the property will be subject to the fulfillment of a specific condition in the contract.
  • With A Conventional Retraction : the seller can recover the good sold because a subjective right is attributed to him.
  • Proof : it is also called ad gustum and consists of subjecting the sale to a test by the buyer, so that he verifies that the good has the characteristics and quality expressed by the seller.
  • Exchange : that is, one good is exchanged for another good.
  • Pact In Diem Addictio : in this case, the seller reserves the right to consider the contract ineffective in the event that within a certain period it finds another buyer that offers a higher price or better payment conditions.
  • Of Movable Property In Installments : in this case the price of the good is divided and the periods of time in which the payments must be made are agreed.
  • Civil : it is regulated by the Civil Code and is celebrated between two contractors when one is obliged to deliver a good and the other to pay for it.
  • Commercial : in this case, the Commercial Code is regulated by commercial law. It only refers to movable property – real estate is excluded. It is important to note that the person who acquires an asset with this type of contract intends to resell the purchased assets for profit.

Points To Consider And Recommendations

If you do not want to have any inconvenience or problem with your purchase agreement, it is best to hire a good lawyer . This professional will specifically draft the contract and adjust it to your situation and needs. In addition, the following should be taken into account:BDo not hide the hidden vices or defects of the goods you are going to sell. These hidden defects could lead to claims or the termination of the contract.

  • Make a specific sales contract for each good that you are going to sell . This way you make sure that the document rigorously contemplates all the aspects that you consider essential to carry out the transaction in a way that is as simple as possible.
  • Also make sure that all the documentation is in order and that the delivery of the property is given in the best way .

At this point, you already know the sales contract and its operation. If you need to present a sales contract, however, we recommend that you contact an expert who can advise you and make sure that nothing important is left out of the document. In the second case, it is very important that all the obligations of the parties and the conditions of the transaction are reflected in the document.