Sales agreement

The sales agreement (or preliminary contract) is a bilateral contract in which buyer and seller mutually commit to completing the sale of a property. In Belgium, it is legally binding upon signature. It contains essential elements: identity of the parties, property description, price, conditions precedent (obtaining a mortgage, for example), and planned date of the notarial deed. A deposit of 10% of the price is typically paid. The period between the agreement and the authentic deed is typically 4 months.