It’s no secret that each of us wanted to make an offer upon purchase.
It is possible under certain rules.
- Significant price reductions must be justified — for example, the need for repairs or paint.
- The buyer must clearly state in which period he will be able to pay for the transaction (usually 1 month).
- To take your offer seriously - it is recommended to do a Down Payment / Earnest Money Deposit - to a notary account, normaly 5-10% of the cost. This is due to the fact that the buyer, asking for a discount should show their seriousness and solvency. When accepting your Offer - the deposit goes to the transaction, If the seller rejects your Offer - you will get 100% of your money back.
- For each Offer we prepare a written document signed by the parties.
Next - if your Offer is accepted - let's to the purchase.
- The buyer's attorney prepares two contracts:
a. Contract Promise (Contrato de Promesa) The rules and terms of purchase are here, also a notary bank account for transfer is here.
b. Purchase Contract (Contrato de Venta).
- At the moment of signing the Contract Promise, the buyer's lawyer usually requires up to 10% of the transaction value - an advance payment to the notary account (first deposit is also considered).
- On the basis of the Promise Contract, the buyer's bank transfers the money to the notary account.
- The Purchase Contract is signed by the parties only when 100% of the money is in a notarial account.
- Only after all documents are signed, money from the notary account is transferred to the seller. If something goes wrong during the transaction and the final contract is not signed - the money will be returned to the buyer - the notary guarantees it.
- Your attorney will record the sale with the Registrar of Titles and typically it will be in the new owner’s names within 30-45 days. Legal fees are 1% of the actual sales price.
We control the whole process at each step, thereby ensuring the purity of the transaction for both the seller and the buyer.