We, 1 STOP Property Services, will help you step by step of the way before, during and after the property sale in all aspects of the property sale including the searching for prospective clients, negotiating the price and terms on your behalf, advise you on the procedures and steps to ensure a smooth transfer, from the sale of your property to the purchase of another property.
Once you have found a buyer for your property and have agreed on the sale price, terms and conditions, you sign a promise of sale agreement (preliminary agreement) with the buyer.
This agreement, which is drawn up by the Notary, binds both parties until the signing of the definite deed (contract).
On signing of the promise of sale agreement (preliminary agreement) a deposit (normally 10%), on account of the price, is normally lodged with the Notary by the buyers. This deposit will be forfeited in your favour should the buyer fail to sign the definite deed (contract) for no valid reason at law.
The term of validity of the promise of sale agreement (preliminary agreement) is agreed between the parties concerned.
During the term of the promise of sale agreement (preliminary agreement) and the definite deed (contract);
- The Notary (employed by the purchaser) must register the said promise of sale agreement (preliminary agreement) with the Commissioner of Inland Revenue
- The Notary carries out all the necessary searches on the property and verifies clear legal title, to check that there are no outstanding debts, hypothecs or liens on the property and also has to apply for any AIP (Acquisition of Immovable Property) permits if necessary.
You have no restrictions whatsoever on what price to sell your property. In the case of Foreign Nationals, the entire sale price, including the sale of movables, may be repatriated abroad, in which case, the Notary would apply for clearance from the local Tax authorities, prior to signing the definite deed of sale (contract).