The sale of real estate is a transaction concluded in a specific legal form. The same formal provisions apply to exchanges and gifts. The form requirements also apply to the cancellation of the sale of real estate. However, the form requirements do not apply to the sale of leasehold rights in real estate.
The form requirements are laid down in the Code of Real Estate. Under the Code of Real Estate, the sale of real estate must be made in writing. The deed of sale must be signed by the seller and the buyer or their representative in the presence of a notary. The deed of sale must indicate the parties to the transaction, the subject of the transaction, the purchase price or other consideration and the purpose of the transfer.
Failure to comply with the formalities will render the property transaction null and void and the title to the property will not be granted.