After you have found the right property, viewed it, and your offer has been accepted by the seller, the process of purchasing the property begins.
This document is drawn up by a notary and sets down the terms of the sale, which include:
• Ground rent (if any)
• Payment terms
• Any works to be undertaken by the owner
• Any extras included in the price, such as furniture
Date of the final contract (usually 3 months after the Promise of Sale)
• & any additional terms
At this point, 10% of the purchase price is left with the notary or agent as a deposit. A 1% provisional duty (part of the total 5% stamp duty) is payable on the value of the property.
Once this document is signed, the notary will carry out searches on the history of the property to ensure that it can be transferred freely.
2. FINAL CONTRACT OF SALE
This document is drawn up by the buyer’s notary. Once all terms set down in the Promise of Sale have been fulfilled, the parties get together to sign the final deed of sale. The balance of the purchase price is paid to the vendor, and the balance on the stamp duty is due, and the notary’s fees are also paid. The keys to the property are handed to the new owner, and the notary registers the contract of sale at the public registry.