CPCV Promissory Contract... What is it???
“CPCV” (Contrato Promessa de Compra e Venda) is an acronym known as a promissory purchase and sale contract, it works as a way to streamline the formalization of the deed of purchase and sale that consumes the business.
It is a non-definitive formalization of the business, with legal force, which generates rights and duties for the parties involved. Thus, although the CPCV does not rule out the hypothesis that the deal will not be concluded, it reduces that probability.
The CPCV thus has the advantage of taking less time than the deed and binding the contracting parties for the closing / formalization of the deal within the agreed term.
It safeguards the rights and identifies the duties of the buying party and the selling party until the deed of purchase and sale, can gain more relevance in situations where the conditions for the execution of the deed are not met. As for example, the absence of a license to use the property, when it is still under construction, the buyer does not immediately have the amount necessary to complete the purchase, or is awaiting approval for bank financing.
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