J Properties
The one stop property agency
Selling Your Property
The Price for your property can be fixed by yourself but of course we as J Properties suggest that you discuss the price of your property with us this to make the right choice of price not to make it to low to avoid from loosing money from your property and not make it to high not to put off clients from having a look at your property. We offer the service of market analysis of the properties available and sold in the last period in the same locality and in the same standard as yours.
Once a prospective purchaser has been identified, the next step for the seller is to enter into a Promise of Sale Agreement.
Promise of Sale Agreement
The Promise of Sale Agreement is the important phase of the acquisition where the buyer and the seller tie their selves up to a promise for the acquision where everything which is promised on the negotiations is documented and after the notary confirms that everything which is documented is a fact and there is no hidden details behind of what is agreed. A standard Promise of Sale Agreement includes:
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Details of the contracting parties;
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Detailed description of the property;
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Details on payment of a deposit;
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Minimum conditions surrounding the purchase;
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Agreement on the remaining works to be undertaken (if any);
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Clauses on payment due to the estate agent (if any);
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Condition that on final deed, the vendor will warrant peaceful possession according to law;
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Date by which the Final Deed needs to be signed;
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Authority to the Notary to register the Promise of Sale Agreement with the Commissioner of Inland Revenue.
A Standard Promise of Sale is valide for three months, but the parties are free to agree for a longer or shorter period. If no date is mentioned the Promise will be valid for 90 days. In this period all works agreed in the Promise of Sale must be fulfilled.
One have to make a distinction between the Promise of Sale and the Final Deed, in the Promise of Sale no Change in Ownership is done, but it is promised from the buyer side that if everything is according to what is documented completed the buyer will buy the property.
What happens during the term of the Promise of Sale?
During the period agreed upon, both parties have to ensure that all conditions are fulfilled prior to the final Deed of Sale.
One of the main conditions mentioned in the Promise of SAle are that the Property is fully transferrable in good title and there is no court or third parties orders. Another condition is that the property is transferred with Vacant Possesion, unless stipulated otherwise. The public Notary or legal advisors of the buyer would carry out the necessary searches to ensure that all conditions are proven. Normallythe Promise of Sale is Subject that the bank loan is issued to the buyer to pass to the Final Deed. In fact normally the signature to the Final Deed is usually made on the issuance of the sanction letter by the bank which confirms that the loan will be granted to the buyer.
Since there is the possibilty that the property can be sold prior to completion, it is common that one of the conditions in the Promise of Sale Agreement it is stated that the property must be completed by a set date. Failure of completion from the Seller the obligation of the purchaser to appear on the Final Dee of Sale is terminated.
The Final Deed of Sale
When all conditions of the Promise of Sale are satisfied the Final Deed of Sale is drafted by the Notary and signed between both parties. The balance due, when the deposits are deducted from the purchased price, is paid to the vendor. In the case of a bank loan is obtained by the buyer, the balance is paid by the bank on account of the loan granted to the buyer. The keys of the property are then handed over to the purchaser or his representative.
In cases of bank loan taken for acquisition, a bank representative apperas on the Final Deed of Sale in order to sign the relevant documentation. In this case the Final Deed is usually divided into two parts, with an agreement made between the bank and the purchasers, and a second agreement made for the purchase of the property.
