(1) The agreement between the alienor and the acquirer (declaration of conveyance) necessary for the transfer of ownership of a plot of land under section 873 must be declared in the presence of both parties before a competent agency. Any notary is competent to take receipt of the declaration of conveyance, notwithstanding the competence of other agencies. A declaration of conveyance also may be made in an in-court settlement or in an insolvency plan or restructuring plan has been finally and bindingly confirmed.
(2) A declaration of conveyance that is made subject to a condition or a stipulation as to time is ineffective.