Are you about to sell or buy land or a car? It is important to note down the terms of your agreement, which are usually oral into what we call should a Sale Agreement. The agreements are usually in triplicate, one for the vendor, one for the purchaser and the Advocates copy for evidence.
Sale agreements are an important part of any asset transaction. They stipulate the terms and conditions of the transaction and reduce sources of dispute. It fully protects the rights of both parties and states what happens in the case there is breach of the terms. Whenever parties fail to have an agreement, there are usually disagreements because terms of the transaction were never written down.
Here are reasons why there should be an agreement during your land or car transaction;
They offer payment protection;
In an agreement, it states the amount paid and the balance. It also states the consequences of failure to pay the balance on time. There is usually the clause that states that in the case of failure, there will be 10% forfeiture by the purchaser of the deposit.
It establishes when you will receive payments;
It is important that before a transfer is done, the full payment is done. Therefore, parties can agree on a day when all payments will be done and it can noted down on the agreement.
Plays a key role in the case of a dispute;
An agreement acts as evidence in the case of a dispute. If acts as reference and impacts the decisions in the matter. Without a Sale Agreement, it becomes difficult to prove that a transaction ever took place.
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