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What is the deposit contract?

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It is carried out prior to the sale contract, for this reason, it must collect the information that will be necessary to execute the sale contract. And what information is that? You must collect the personal data, both of the buyer and the seller, the description of the property, the final price and the way in which it will be executed, the amount of money of the signal, the distribution of the possible expenses that this transaction generates , the maximum time in which the transaction will be carried out, the obligation to sign the contract by means of a public deed and finally, the signature of the two parties to demonstrate their agreement.

But, in the event that the contract has been signed and it is decided not to make the purchase, what should be done? One of the clauses of this agreement defines that the contract can be reversed, but the party that decides to break it will be penalized. If the one who decides to break the agreement is the seller, he must return the amount of the signal in duplicate, on the other hand, if the one who decides to break it is the buyer, he will lose the signal that he had previously delivered.

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