Buying or selling a property is one of the most significant financial decisions we can make in life. Ensuring that every step of the process is handled with care and legality is crucial. One of the most important tools in this process is the preliminary sales agreement.

What is a Preliminary Sales Agreement?

A preliminary sales agreement is a legally binding contract between the buyer and seller of a property, where both parties commit to completing the sale on a future date under certain conditions. This document outlines all the terms of the sale, including the price, payment deadlines, delivery conditions, and any other relevant clauses.

Common Issues When Not Signing a Preliminary Sales Agreement

1. Lack of Clarity in the Terms of the Sale: Without a contract, the terms of the sale may not be clearly defined or could be misinterpreted, leading to disputes between the buyer and seller.
2. Risk of Fraud: Without a formal agreement, it becomes easier for one party to deceive the other, potentially resulting in significant financial losses.
3. Legal Insecurity: A preliminary agreement provides a legal basis for resolving conflicts that may arise during or after the transaction. Without this document, disputes can be harder and more costly to resolve.
4. Property Issues: Without a contract detailing the conditions of the sale, the buyer may face issues with property ownership or remain unprotected against hidden defects that were not disclosed.
5. Financing Difficulties: Financial institutions often require a preliminary sales agreement to approve a mortgage loan. Not having one can complicate or even prevent obtaining financing.

Compliance with NOM-247 Standards

It is important to note that for contracts involving the sale of houses or apartments, a contract that complies with the Mexican Official Standard NOM-247 is required. This standard ensures that contracts are clear, fair, and protect consumer rights.

Protect Your Investment with a Preliminary Sales Agreement

Signing a preliminary sales agreement not only protects your interests but also provides a clear roadmap for both parties. Having a well-drafted contract is essential to ensure a smooth and successful transaction.

Why Choose Us?

At Camacho Real Estate, we understand the importance of secure and transparent real estate transactions. Our team of professionals is ready to help you draft a preliminary sales agreement that guarantees your protection and peace of mind at every step of the process. Don’t leave your investment to chance—contact us today to ensure your real estate transaction is handled with the utmost care and diligence.