TONYKO - What are the most important elements of the Preliminary contract?

What are the most important elements of the Preliminary contract?

What are the most important elements of the Preliminary contract?
The preliminary contract for real estate deals is signed in written form and in order to provoke action, to legally bind the parties it has to include the following important elements :
1. ID data for both parties.
2. Matter of contract – description of the property for sale- location, area, distribution of spaces, including borders of the property.
3. Price of the deal.
4. Terms of the Notary conveyance of property. It is better if not only the date of the transference of title of property is specified in the contract, but also the exact hour and the address of the Notary office. This serves as an invitation to each of the parties and non-presence by the Seller or Buyer in the prospective Notary office on the specified date and time or their presence without willingness to conclude the deal is considered refusal to sign the peremptory contract, and the guilty party should bear the resulting consequences - for example the party that correctly executes its obligations bears the right to announce the prеliminary contract peremptory as by art.19 of the Obligations an Contracts Act. To execute the right to file a claim as by art. 19, par.3, of the Obligations an Contracts Act the Notary should produce ascertaining written- statement in which to state the above-mentioned facts. This written- statement is official notarial certificate and has the power of evidence before court.
If some of the above-mentioned elements of the preliminary contract is missing the preliminary contract may not be adequate and effective enough to generate the desired legal consequences.