The promise of sale agreement creates a binding obligation for all parties to complete the property sale. Once the buyer and seller agree on the property, price, and conditions, a promise of sale agreement (Konvenju) is drawn up, confirming the seller’s commitment to sell and the buyer’s commitment to purchase.
The agreement outlines the terms of the sale and sets a timeframe for signing the final deed of sale. It remains legally binding until the final contract is published.
The promise of sale typically includes the description of the property, its associated conditions, the terms to be included in the final deed of sale and the agreement’s date of expiry. These details ensure that both parties are protected until the final deed of sale is signed.
