Sale and Purchase Contract

Sale and Purchase Contract is a contract when seller agree to be bound (legally) to transfer an asset and the other party (buyer) agree to pay the transfer price. The sale and purchase contract effective at the time the parties enter the contract even the asset is not transferred or delivered yet and is yet to be paid.  The definition of the sale and purchase contract only applied for movable asset.

The contract for transferring immovable asset (fixed asset) must be signed in front of a Land Deed Officer after the buyer pay the transfer price fully.