Thank you for reading the CFI guide on the main features of a sales contract. To learn further, please explore these additional resources from CFI: If the price includes furniture and furnishing items, such items should be mentioned in the formal agreement and the following provisions are usually included: The place for completion is usually the seller`s attorneys` office. In another example, a SPA is often required in a transaction in which one company acquires another. Since the SPA determines the exact nature of what is being bought and sold, the agreement may allow a company to sell its physical assets to a buyer without selling the naming rights associated with the transaction. A land search of the property in the cadastre shows the description of the property according to the cadastre, including equal shares of land, the lot number of the land on which the property is located and the postal address of the property. An example of the description of the property in a formal agreement may be as follows: “All 1/1,000th equals part or undivided part of and in Section A of National Lot No. 1234 as well as the exclusive right to use and enjoy All That Flat A on the 8th floor of Block 8 of Lucky Garden, 8 Luck Street, Hong Kong”. If the price includes parking or a roof or flat roof, this is part of the property and must be clearly stated in the formal agreement. SpAs also contains detailed information about the buyer and seller. The agreement records all deposits made prior to negotiations and notes a part of the agreement that has already been complied with. The agreement also specifies when the final sale will take place.
All expenses of the property must be paid by the buyer (including the completion date agreed between the seller and the buyer) and all expenses (including, or exclusively, the completion date to be agreed between the seller and the buyer). All expenses are split between the seller and the buyer….