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Once the client decides on an offer we forward this to the owner where we try to get the best deal possible for both parties. As soon as the price is agree upon, an appointment is fixed with the notary public where the signing of the promise of sale will be carried out, this is also called the preliminary agreement. The promise of sale is the most important part of the whole procedure, it is where all the conditions will be discussed. Both parties will have to ensure that any conditions they want to be imposed be written down at this time so as to avoid complications later on in the deal. The duration of the promise of sale is normally for three months though is down to both parties to agree on a shorter or longer term. This agreement can be subject to certain conditions such as the buyer obtaining financing, building permit among others.  It is normal for a deposit to be paid. This is the equivalent of 10% of the purchase price, which further proves the commitment the buyer is putting in the sale. On some occasions when the property being purchased is still on plan some owners request staggered payment e.g. 10% deposit on promise of sale, 30% on completion of shell, 40% on completion of finishing's and 20% on signing of final contract.
Once the promise of sale is signed the notary starts searches on the property to ensure that the purchasers get legal title on the property. If the property needs to be finished or needs some work, it is on the preliminary agreement that both parties must decide who will do the works and who will pay for them. Once the searches are complete then a date and time can be fixed in order to complete the sale. The final contract which has the same conditions agreed upon in the preliminary agreement is signed and keys to the property are forwarded to the new owner. According to current practice, if the time agreed by both parties is up and the searches aren't final then both the vendor and purchaser will extend the promise of sale. The deposit is forfeited in favour or the vendor if the purchaser does not turn up for the signing of the final contract without a valid reason at law. All expenses are to be settled on the final deed. By clicking the chat icon on the left menu you can now chat live to us. This will ensure that any questions you have are answered immediately.
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