When you buy real estate such as a home, you may be fulfilling a dream you have held for many years, and along with the joy and excitement this brings, you also need to understand certain legal matters involved in acquiring your new home, such as the purchase and sale option agreement.
This is a legal process that protects both parties, ensuring that all the conditions offered to you during the sales process are fulfilled by the developer.
It also protects the company, since the buyer commits to meeting the requirements needed to move forward in the process, such as paying the down payment, submitting all the necessary documentation, or committing to complete the purchase.
To make it clearer what this involves, in this blog post we want to explain the benefits you would enjoy by signing a purchase and sale option agreement with CasaMax Inmobiliaria.
First, you should know that financial institutions require this document in order to grant a bank loan, as it sets out all the conditions of the sale.
All rights and obligations of both parties are put in writing, so the buyer benefits because the document must specifically include all the clauses that both the client and the developer are required to meet.
Among them:
- Refund timelines
- Grounds on which the developer would be in breach, and how the buyer would be protected
- Prices and materials (which should not change in any way)
- Specific delivery dates
- Monthly payment dates
- The down payment amount and the deadline to pay it
- Warranty and regulation matters
A very important point is that, in CasaMax's case, the purchase and sale options have been reviewed by Costa Rica's Ministry of Economy, Industry and Commerce (MEIC).
This is a safeguard for the buyer, since the agreement has been evaluated and approved by the authority in charge of the matter.
In addition, the purchase and sale option contains no abusive clauses in favor of the developer, which builds confidence when you buy in the project of your choice.
Finally, the MEIC reviews the developer's financial solvency before granting the permit to presell units in its condominiums.
More than a legal document, it is a way for you to feel secure about the purchase you are making.
Come and discover our projects! We are waiting for you. We have condominiums throughout the Greater Metropolitan Area, in easily accessible locations for your convenience.