Promise to purchase versus notarial deed
When purchasing a property, two legal documents play a key role: the promise to purchase and the notarial deed. Although they are related, they have very distinct functions. Here's a summary to better understand their importance and scope.
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September 25, 2024
The promise to purchase: A written commitment between buyer and seller
The promise to purchase is an official document by which the buyer offers to purchase a property by establishing precise conditions:
- Proposed purchase price
- Date of the deed of sale and occupation
- Financing and inspection conditions
- Reading legal documents
- Sale of another property (if applicable)
This promise aims to protect both parties by putting everything in writing to avoid misunderstandings. The seller can accept the offer or make a counteroffer, modifying certain conditions such as the price or transfer dates.
Once accepted and all conditions met (except the deed of sale), the promise to purchase becomes a legal commitment. The buyer cannot withdraw from it without a valid reason.
The notarial deed: The officialization of the transaction
The notarial deed, or bill of sale, is the official document drawn up by the notary that confirms and legally records the transaction. It is based on the conditions established in the promise to purchase and formalizes the transfer of ownership.
During this stage, the notary also takes care of:
- Draft the mortgage deed for the buyer (loan conditions)
- Complete the seller's receipt, if there is a loan to repay
- Distribute costs (e.g. reimbursement of municipal taxes already paid by the seller)
- Register the deed of sale in the Land Registry
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