Ensure all parties understand and agree the major terms and conditions of the transaction such as:
A deposit of approximately 5-10% of the purchase price (varies from market to market) will secure the property of interest removing it from the open market.
It is common practice for this deposit to be held either by the broker, lawyer or seller.
Typically you will have 30 days to review the terms and conditions of the Sales and Purchase Agreement which contractually outlines the conditions of sale.
During this period, buyers have the option to appoint an attorney in order to conduct a legal due diligence on the contract, holding company and or land title deed.
Parties to the transaction (or their representatives – agent/lawyer) will set a transfer date at the government land department. The buyer will prepare funds for the balance of the purchase (minus deposit) and the seller will present the original ownership documents to facilitate the transfer. It is common for the buyer, seller or even both parties to appoint a representative through a Power of Attorney to execute the transfer on their behalf.
The mechanism of transfer at the Land Department (handover over ownership and payment) can either be through telegraphic transfer (typically to a legal representatives account) at which point a cashiers cheque will be drafted and presented by the buyer or their representative once the property has been officially transferred.