Property Reservation & Payment of a Reservation Deposit
Once you have decided on a property, the purchasing process starts with the completion and signing of a reservation agreement. The final price will be agreed, along with the other conditions of purchase. All agreements must be made in writing and included on the reservation agreement. A deposit will then be required around 5 000 to withdraw the property from the market and reserve it in the name of the prospective purchaser. We will be able to professionally advise and assist you on the best purchase strategy based on your circumstances.
Preparation and signing of Contract of Sale.
The Contract of Sale will be prepared by a local solicitor experienced in Real Estate, of your choice. As part of the legal process your solicitor will arrange all paperwork needed and confirm any special arrangements additional agreements related to the purchase: property purchase price, terms of payment, finishes and fixtures (technical specifications) and any other items agreed.
Terms of payment:
- Off plan property: 30% of sales price by signing the Contract. Payments in installments according to the progress of the construction.
- Resale or ready to deliver property: 100% of sales price by delivery submission of contract or Title Deed to the Land Registry.
- Under construction property: an amount corresponding to the construction completed so far is required. The rest by delivery.
Submission of the contract of sale to the land registry department
Once both parties have signed the contract of sales, it must be stamped and deposited at the Land Registry for off plan properties the 30% of the purchase price is required. For a resale key leader property the total amount is pay when upon delivery. This process is called 'specific performance' and confirms that a specific property is registered in the name of the new owner. Once the contract is submitted, you are officially the owner of the property.
Completion of the sale
If you have purchased an off-plan or partially constructed property with us, we will keep you fully informed with the progress of the property until completion. Approximately one month before your property is complete, we will send you a formal notice of completion. Once we receive the final payment for your property, we can arrange the delivery and key handover. If you have purchased a completed property with us, delivery will be arranged as soon as the full payment is received in our account.
Issue of separate title deeds
Once an individual property or development is completed, the Land Registry Office issues separate title deeds and transfers the deed for each unit within a development to the purchaser(s). This process normally occurs within 3-4 years from the completion of a project.