How to terminate a preliminary contract of sale

The preliminary contract of purchase andsale is made when issuing the buyer upfront for the property to the seller. It specifies the exact timing of the transfer of all funds for the purchase and obligations of the parties and their liability for failure to comply with this agreement.

Instruction

1. The preliminary contract of purchase andsale (as well as the main) is better to arrange a notary. But a contractwritten by hand, does not lose its legal force. The main thing that it was written and signed by hand, not printed.
2. If the buyer fails to collect by the deadline required amount to pay for the purchase in full, he shall notify the seller in writing and ask to postpone a specified time in the contractE. the Most appropriate type of notification that you can prove, if necessary, is a letter with notification and list of enclosures.
3. Most often people manage the contractto be peacefully. But it so happens that the seller does not want to wait or find a more profitable buyers. Then he must pay the buyer the amount of the Deposit at double or triple the amount to pay is specified in the contracts fine. This is the condition most often fails and leads to litigation. The role of the injured party is the buyer. The seller is rarely injured party, as a certain amount of cash he has received, allowing you to cover your costs in case of default the contract.
4. With reluctance the seller to wait or if the seller has violated the terms of the agreementand intends to sell the property more favorable to buyers, the aggrieved party may apply to the court of arbitration. The statement should specify all the reasons for the differences.
5. The Deposit can be returned by the court, but often the court makes the decision to return customers only those funds that they gave as a Deposit. To force a person to sell his property and to issue the rights to it to another person, the court has no authority. The court has authority only to pay damages to the injured party.
6. If the seller and the buyer entered into a preliminary contract of purchase andsale and the buyer during the period up to the conclusion of the main contractand found some significant deficiencies, or other compelling circumstances in connection with which he wants to buy the property, he was entitled to recover the amount of the Deposit. When verbal negotiations with the seller, do not lead to positive results, then the only one way out – to apply to the court.