Private purchase contract – used within the Contracts & Obligations Law, the term details a contract with embedded installment payments for purchasing a plot of land. Also called “land agreement” or “preliminary contract” it is a legal base for concluding on a later stage the final contract in the form of a Title Deed. This is because with the private purchase contract the parties set all specific of the prospective Title Transfer – namely the identification specifics of the property, the concrete price, the term for concluding the final contract and the way in which the price will be paid. In some jurisdictions the preliminary contract does not directly transfers, or creates ownership rights for the purchaser – but it only obliges legally the seller to transfer the property once certain conditions (like payment of the total price) occur; and could serve as legal base for claiming ownership in court.
*Note that it is advisable to hire a lawyer who to draw your private purchase contract or the final contract (the Title Deed). Lawyers are qualified in Law and they know what terms and conditions should be implemented in such forms to protect your interests; as well to consult you on the clauses of proposed to you for signing private purchase contract or final contract for sale of property (Title Deed).