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- Buyer's Guide intro
- before you view any properties
- what & where to buy
- a good agent
- your viewing tour
- agreeing the purchase
- choosing your lawyer
- confirming your offer
- exchanging contracts
- preliminary searches
- completion
- taxes and fees
- bank accounts
- mortgages
- currency exchange
- summary
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Buyer's Guide
Exchanging Contracts
Exchange of contracts usually takes place approximately four to eight weeks after you've paid the reservation deposit.
This period allows your lawyer the necessary time to complete his searches and investigations and to ensure that any outstanding debts or encumbrances on the property have been paid or cancelled.
The contract of sale will specify details of the property (location, description, dimensions, cost, etc.), all the agreed terms of the sale and it will also specify the completion date at the notary.
At this point you must pay the first of your stage payments (often 30% to 50% of the price). This first installment payment is calculated on the sale price excluding taxes, legal fees, etc.
The developer/lawyer must now pass over monies held on account.
All of this may vary slightly from location to location… even possibly from development to development. In our country-specific sections we'll give you more specific detail according to the local market.
Next - Preliminary Searches
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