It’s no secret that each of us wanted to make an offer upon purchase.

It is possible under certain rules.

  1. Significant price reductions must be justified — for example, the need for repairs or paint.
  2. The buyer must clearly state in which period he will be able to pay for the transaction (usually 1 month).
  3. 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.
  4. For each Offer we prepare a written document signed by the parties.

Offer to Purchase Real Estate - download here

Next - if your Offer is accepted - let's to the purchase.

  1. 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).
  2. 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).
  3. On the basis of the Promise Contract, the buyer's bank transfers the money to the notary account.
  4. The Purchase Contract is signed by the parties only when 100% of the money is in a notarial account.
  5. 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.
  6. 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.