The seller`s lawyer gives the buyer`s lawyer a letter of ownership (and other letters to the utility company) and the buyer`s property. (In the case of a mortgage-financed sale, the security is retained by the mortgage company.) This legal document sets out the terms of sale, such as.B.:- How to pay. How much you plan to deposit when the contract is signed. The down payment usually varies from 10 to 20% of the selling price. Most lawyers will ask for 15 percent. You must determine the amount of the down payment, whether or not you receive a mortgage from an institution. So be prepared to have at least that amount if you sign the agreement if you are the buyer. If the purchase is made in cash, the time to close the transaction depends largely on the contract participants/agreement/transaction. If a mortgage is involved, completion may take three months or more, in some cases from the date of signing. The agreement must be submitted to the Commissioner for stamps and estate duties within thirty (30) days of signing (late stamp, with a 100% penalty). The buyer signs the contract and pays a down payment which is usually 15 per cent of the purchase price, but which may vary depending on the terms agreed by the parties. The seller signs an agreement. Brokerage fees, legal fees, notary fees, registration fees, taxes, etc.
NOTE: If the property is not properly sorted and prepared for sale, the seller may bear other costs. B for example, the costs of exempting the property from Incumbencies (including tenants) b. the establishment of a will and related expenses, etc. The seller`s lawyer makes the final declaration of the statement of account for the seller, pays all unpaid invoices and pays the seller the net proceeds of the sale. Completion date: If you are credited, make sure a calendar date is written here, e.g. B 15 December 2014. Some lawyers will say the number of days “after the agreement is signed. This reference is too elastic and may delay your sale. Don`t let you make money for an unnecessarily long period of time. A given date gives the creditor more legal influence to force compliance with the specified reference date if necessary.
21. Payment of the mortgage, pension benefits, if applicable and balance of the sale price of the selling lawyer.