Promise of Sale

Promise of Sale

A Promise of Sale is an agreement whereby the vendor is binding him/herself to sell an immovable property to the purchaser on a particular date which would be agreed upon between both parties and appointed for the final deed to take place.

A Promise of Sale is registered by the Notary within 21 days from the signing of the Promise of Sale agreement together with payment of provisional duty of 20% of the duty payable on the final deed. "

Upon signing of the contract, the Notary who publishes the deed must submit the following through the Notaries Online Portal:
Information about the Transfer (Sellers, Buyers, Property, Etc.)
Site plans of the property being sold;
A copy of the public Registry note;
The stamp duty payment (due by the buyer);
The property tax payment (by the seller);
Completed Schedule 8 for residential property only
The duty payable should be calculated on the higher value of the market price, whichever is the higher.
The relative receipts are issued not later than 3 weeks from the date of registration.