TONYKO - What are the rights of the party duly bearing its obligations as by the Preliminary agreement ?
FAQ
What are the rights of the party duly bearing its obligations as by the Preliminary agreement ?
What are the rights of the party duly bearing its obligations as by the Preliminary agreement?
When the Preliminary agreement is validly concluded, the date of Notary conveyance of property has come and one of the parties Buyer or Seller failed to execute their obligations under the agreement, the other party has the right as by art.19, par.3 of the Obligations and Contracts Act to demand the court to announce the preliminary contract- peremptory (notary deed). The correct party can demand that the court to adjudge them with the negotiated in the preliminary agreement forfeit (if any) which usually consists of the deposit/reservation fee. The court decision in fact represents the peremptory contract.
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