Than when buying a house is different from the advance payment
Than when buying a house is different from the advance payment
What is the difference between the deposit and the advance, whichbuyers give at the purchase of living space, they know not all. Particularly incomprehensible, this may be for those buyers who make transactions with real estate for the first time. But this information refers to the category of the one with which it is better to get acquainted in advance, before the parties begin to sign documents.
Both the deposit and the advance are related to different typesprepayment for the transaction. In itself, prepayment is a guarantee that the buyer of real estate will not abandon the transaction. The seller at the same time will lose time, and besides this, can miss out on other buyers, it is possible that more profitable.
Distinctions of deposit and advance payment are as follows. The deposit is a certain amount of money that the buyer sends the seller to indicate his intention to purchase a certain property. If suddenly the seller changes his mind and does not sell the living space specified in the preliminary contract of sale, he will not only have to return the failed deposit to the invalid buyer, but also double it. If the buyer changes his mind and does not buy this property, the seller reserves a deposit. He will not give it back.
Advance also implies the transfer of some of the money to the seller before the contract of sale is formalized. But if the buyer changes his mind, he can simply take his money back.
An agreement on making a deposit or advance is notrequires a notarization, but for certainty you can still visit a notary. To draw up an agreement, you will need to provide a description of the living space in respect of which the parties are going to make a deal. The document should indicate the amount of the advance or deposit, the cost for which the dwelling will be purchased, the timing of the signing of the contract of sale.
