EDITING |
The demand that has fallen and will continue to decrease the number of real estate transactions, while the State of Alarm that came into effect on March 15 lasts, a recovery that is believed could be in the shape of a "V" so demand will continue to decrease.
Under the State of Alarm only urgent operations can be sign before a notary the operations classified as urgent, it is not possible to formalize a real estate purchase entirely through electronic means.
In this situation, we may wonder what types of operations are considered urgent for a notary. We recall the rule that: any operation that is subject to a preclusive deadline must receive urgent treatment, as the Government has suspended procedural or judicial deadlines, however, it has said nothing about business deadlines.
And what does it mean for an operation or contract to be subject to a preclusive deadline? It is a contract that entails the expiration of the deadline or term, that is, it has a deadline for the term or execution at the last deadline of the same.
Of the most common contracts in the real estate field with a preclusive deadline is the purchase contract with earnest money. There are different options for this type of contract, with the most commonly used earnest money being the penitential type defined in Article 1454 of the Civil Code. In this type of private contract, a sum of money is usually delivered (typically around 5% of the notarized value of the real estate) as earnest money, and a deadline is established to sign the purchase before a notary. If the signing at the notary is not possible due to a cause attributable to the buyer, they will lose the amount delivered as earnest money. If it is due to a cause attributable to the seller, they will return double the earnest money to the buyer.
