Our law firm specialises in advising on real estate companies.
In the case of the transfer of ownership of real estate, a public deed of sale of real estate must be executed before a notary public at the same time as the contract for the purchase and sale of assets.
This deed must also be registered in the land register at a later date in order to be enforceable against third parties.
If the property is subject to a charge (e.g. mortgage), the contract may provide, among other things, either for an adjustment of the price, or for the seller to cancel this charge prior to closing, or for the purchaser to be subrogated to the contractual position of the seller, if applicable, of the mortgage loan.
When the seller holds a leasehold right over a property that it assigns to the buyer, the transfer must be notified to the lessor, in a reliable manner, who, in accordance with the applicable regulations, is entitled to increase the current rent by 20% (LAU art.32), unless the lessor's waiver is expressly provided for in the contract.
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