But when it comes to such a serious purchase as an apartment, simple promises are not enough. In order to secure the agreement and not lose time and money, a deposit, an advance payment is given, or a preliminary purchase and sale agreement is drawn up.
A preliminary DCT is a document that states that a main DCT will definitely be drawn up in the future. It is often needed by banks when processing a mortgage.
It protects both parties, and if someone suddenly latvia business email list changes their mind, the other party will be able to achieve the conclusion of the main sales contract through the court.
A deposit or advance payment is a part of the cost of an apartment that acts as a guarantee that the parties will keep their word.
If the purchase is made, the buyer simply needs to pay the remaining balance.
And if not, then:
the advance payment is returned to the buyer,
the deposit either remains with the seller (if the buyer cancelled the deal) or is returned to the buyer in double the amount (if the seller cancelled the deal).
All these conditions are spelled.