A Promise of Sale Agreement and its requisites

A Konvenju u l-htigiet taghha

A Promise of Sale Agreement, also known as a Preliminary Agreement, is a legally binding contract between a buyer and a seller in Malta. The agreement is usually signed before the final deed of sale and includes several requirements, some of which are listed below:

1. Identification of the parties: The Promise of Sale Agreement should clearly identify the buyer and the seller, including their full names, addresses, and ID or passport numbers.
2. Property description: The agreement should describe the property being sold, including the location, size, and any specific features or amenities.
3. Purchase price and payment terms: The agreement should state the purchase price of the property and the payment terms, including any deposit required and the payment schedule for the remaining balance.
4. Closing date: The agreement should specify the date by which the final deed of sale will be signed and the property will be transferred to the buyer.
5. Contingencies: The agreement may include contingencies, such as the buyer obtaining financing or the property passing a home inspection.
6. Obligations of the parties: The agreement should outline the obligations of the buyer and seller, including any repairs or renovations that need to be made before the sale is finalised.
7. Default provisions: The agreement should state what happens if either party defaults on their obligations under the contract.
8. Jurisdiction and governing law: The agreement should state which jurisdiction and governing law will apply in case of any disputes.

It's important to note that the Promise of Sale Agreement is a legally binding contract and should be reviewed by a legal professional before it is signed by either party.

Regards,
Dr Clara Farrugia Grixti
Notary Public, Malta.

A Konvenju, magħruf ukoll bħala Ftehim Preliminari, huwa kuntratt legalment vinkolanti bejn xerrej u bejjiegħ f’Malta. Il-ftehim normalment jiġi ffirmat qabel iż- att finali ta’ bejgħ u jinkludi diversi rekwiżiti, li wħud minnhom huma elenkati hawn taħt:

1. Identifikazzjoni tal-partijiet: Iż- Konvenju għandhom jidentifikaw b'mod ċar iż- xerrej u ż- bejjiegħ, inklużi l-ismijiet sħaħ, l-indirizzi, u n-numri tal-ID jew tal-passaport tagħhom.
2. Proprjetà description: Il-ftehim għandu jiddeskrivi l- proprjetà li qed jinbiegħ, inkluż il-post, id-daqs, u kwalunkwe karatteristika jew kumditajiet speċifiċi.
3. Xiri prezz u termini ta 'ħlas: Il-ftehim għandu jiddikjara l-prezz xiri taż- proprjetà u t-termini tal-ħlas, inkluż kwalunkwe depożitu meħtieġ u l-iskeda tal-ħlas għall-bilanċ li jifdal.
4. Data tal-għeluq: Il-ftehim għandu jispeċifika d-data sa meta jiġi ffirmat iż- att finali ta' bejgħ testment u ż- proprjetà testment jiġi trasferit liz- xerrej.
5. Kontinġenzi: Il-ftehim jista' jinkludi kontinġenzi, bħall- xerrej li jikseb finanzjament jew iż- proprjetà li jgħaddi spezzjoni tad-dar.
6. Obbligi tal-partijiet: Il-ftehim għandu jiddeskrivi fil-qosor l-obbligi taż- xerrej u bejjiegħ, inklużi kwalunkwe tiswijiet jew rinnovamenti li jridu jsiru qabel ma bejgħ jiġi ffinalizzat.
7. Dispożizzjonijiet default: Il-ftehim għandu jiddikjara x'jiġri jekk kwalunkwe parti tonqos mill-obbligi tagħha taħt iż- kuntratt.
8. Ġurisdizzjoni u liġi li tirregola: Il-ftehim għandu jiddikjara liema ġurisdizzjoni u liġi li tirregola testment japplikaw f'każ ta' xi tilwim.

Huwa importanti li wieħed jinnota li Konvenju huwa kuntratt legalment vinkolanti u għandu jiġi rivedut minn professjonist legali qabel ma jiġi ffirmat minn kwalunkwe parti.

Regards,
Dr Clara Farrugia Grixti
Nutar pubbliku, Malta.