Template Contract for Depositing to Purchase Land and House Updated in 2023? Rights and Obligations of Parties in Depositing to Purchase Land and House.
Rights and Obligations of Parties in a Land Purchase Deposit Contract
According to Article 38 of Decree 21/2021/ND-CP, the rights and obligations of parties in deposit and escrow are as follows:
- The depositor, the person who deposits, has the rights and obligations:
- Request the deposit holder, the person receiving the deposit to cease the exploitation, use, or establishment of civil transactions regarding the deposit property, the escrowed property; to maintain and preserve the deposit property, the escrowed property to ensure they do not lose value or decrease in value;
- Exchange, replace the deposit property or escrowed property or engage the deposit property, escrowed property in other civil transactions with the consent of the deposit receiver, the escrow receiver;
- Pay reasonable costs to the deposit receiver, the escrow receiver for maintaining and preserving the deposit property, the escrowed property.
Reasonable costs stipulated in this point are the actual, necessary, legal expenses at the time of payment that under normal conditions the deposit receiver, the escrow receiver has to pay to ensure that the deposit property, the escrowed property is not lost, destroyed, or damaged;
- Execute the registration of ownership rights for the property or fulfill other obligations in accordance with the law so that the deposit receiver, the escrow receiver obtains ownership of the deposit property, the escrowed property as specified in point (b) clause 2 of this Article;
- Other rights and obligations according to the agreement or as regulated by the Civil Code and other related laws.
- The deposit receiver, the escrow receiver has the rights and obligations:
- Request the depositor, the person who deposits to cease the exchange, replacement, or establishment of other civil transactions regarding the deposit property, the escrowed property without the consent of the deposit receiver, the escrow receiver;
- Own the deposit property in case the depositor violates the commitment on contracting, executing the contract; own the escrow property if the leased asset no longer exists for return to the escrow receiver;
- Maintain and preserve the deposit property, the escrowed property;
- Not to establish civil transactions, exploit, use the deposit property, the escrowed property without the consent of the depositor, the person who deposits;
- Other rights and obligations according to the agreement or as regulated by the Civil Code and other related laws.
Download the latest 2023 template of the land purchase deposit contract? Rights and obligations of parties in a land purchase deposit? (Image from the Internet)
Download the Latest 2023 Deposit Contract Template?
The latest 2023 deposit contract template is as follows:
Download the full latest deposit contract template here
Can You Reclaim the Deposit after Signing a Deposit Contract?
Article 328 of the Civil Code 2015 provides regulations on deposits as follows:
Deposit
1. A deposit is the act of one party (hereinafter referred to as the depositor) to deliver to the other party (hereinafter referred to as the deposit receiver) an amount of money or precious metal, gem, or other valuable objects (collectively referred to as deposit property) within a certain time to ensure the conclusion or execution of a contract.
2. If the contract is concluded and executed, the deposit property shall be returned to the depositor or deducted for performing the payment obligation; if the depositor refuses to conclude or execute the contract, the deposit property shall belong to the deposit receiver; if the deposit receiver refuses to conclude or execute the contract, they must return the deposit property and an amount equivalent to the value of the deposit property to the depositor, unless otherwise agreed.
Thus, unless otherwise agreed by the parties, if the depositor does not proceed with concluding the purchase contract, the deposit will belong to the seller and cannot be reclaimed.
LawNet
