- Execution time:
from 2 hours
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- Documents for an individual:
Passports and TINs of the parties, Consent of a property owner’s spouse, in case the owner was married when purchasing the property, as well as passport, TIN, marriage certificate or a notarized permit application, executed before
- Documents for a legal entity representative:
Legal entity documents (articles of association, extract), Director’s (company authorized representative’s) passport and TIN and documents confirming the director’s authority (order of the director’s appointment, minutes of election of the director), notarized power of attorney, if the authorized person is acting., Seal, Legal entity’s decision to conclude a tenancy agreement (minutes of general meeting)
- Required real estate documents:
Real estate title documents , Technical certificate for real estate
- Please note:
The preliminary agreement is concluded with the view of further concluding the master agreement and loses its force after the conclusion of the master agreement.
A preliminary agreement is an agreement the parties to which are to conclude a main agreement in the future within the defined period of time on terms and conditions stipulated by such preliminary agreement (e.g., preliminary agreement of a house/apartment sale and purchase).
A preliminary agreement is intended to define the intentions of the parties to conclude a main agreement in the future. As mentioned above, a preliminary agreement includes the basic terms and conditions of an agreement to be concluded in the future. The basic terms and conditions include, but not limited to the following: subject, price and duration of the agreement; material provisions also include all terms and conditions that are defined as such by the parties (e.g., for an apartment sale and purchase agreement, it may be a period when a seller is to vacate an apartment).
It should be mentioned that a preliminary agreement is concluded for a defined and explicitly stated by the parties period of time, upon expiration of which the parties are obliged to conclude a main agreement. A preliminary agreement becomes null and void when a main agreement is concluded by the parties.
Preliminary agreements on real estate sale and purchase become rather common lately. Conclusion of a preliminary agreement is called to protect rights of both a seller and a buyer; it defines the commitments of the parties and ensures the fulfilment of obligations under such agreement.
Please note that a preliminary agreement is concluded strictly in the form a main agreement is to be concluded in the future. Therefore, if you are going to conclude an apartment sale and purchase agreement, a preliminary agreement must be drawn up in written and notarised.
- Question-answer::
How can I terminate the Preliminary Agreement?
The Agreement can be terminated by mutual agreement of the parties. If one of the parties wants to terminate the Preliminary Agreement, and the other does not, the case may come to trial. Besides, if the term of the agreement has expired and none of the parties took action to conclude a further transaction, the agreement becomes invalid.
How can the Preliminary Agreement be drawn up?
Preliminary Agreements are drawn up by the notaries. The service will help the parties to agree on the conclusion of a new, basic agreement in the future, on the agreed terms. To draw up the agreement, the documents from both parties and documents for real estate are required.
Which papers do I need for the Preliminary Agreement?
To draw up a Preliminary Agreement in Ukraine, the parties should prepare the following documents: passport and TIN. Property owners should provide documents of the property title. If the persons signing the contract are married, their spouses’ consent is required, as well as a marriage certificate.
In what cases is the Preliminary Agreement concluded?
A Preliminary Agreement is concluded to indicate the intentions of the parties. It protects the rights of the seller and the buyer. The agreement fixes the price, the subject of the transaction, and special agreements. The document stipulates the terms for concluding the main property purchase/sales agreement.
How long is the Preliminary Purchase/Sales Agreement valid?
The Preliminary Purchase/Sales Agreement specifies the validity period of the document, after which the main agreement must be concluded. This period is mostly given for collecting the necessary documents from the seller or to amass the agreed amount of money by the buyer.
