What is a compromise?
A compromise is a private sales agreement that officially sets forth the terms agreed upon between the buyer and the seller of a home. These include, for example, the sales price, the terms of the sale, and the date on which the notarial deed will be executed.
Although the compromise is often described as a “preliminary sales agreement,” it becomes legally binding as soon as buyer and the seller have signed it. The sale is then, in principle, finalized, provided that any conditions precedent are met.
After the preliminary agreement is signed, the notarial deed is prepared. This deed is typically executed at the notary’s office within a few months. Once the deed is executed, the sale is officially recorded in a notarial deed.
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