Locating the property and seeking professional advice regarding the current state of the building and usage permits. If the property being bought is a plot of land, buyer should check the master plan of the area.
Checking the title and ensuring that the seller is the legal owner of the property and that there are no restrictions registered on the Title deed or third parties encumbering the property.
Negotiating - an offer should be submitted to the vendor about the price, deposit, terms of sale and length of pre-sale contract.
Pre-Sale or preliminary contract - A deposit, usually between 5 and 10% of the final purchase price is paid upon the signing of this contract. It is common to include a clause that states that if the seller withdraws from the contract, the buyer gets double the amount of the deposit. If the buyer pulls out for any reason he loses the deposit.
Final Contract - This contract is signed in front of a public notary and the buyer pays the final balance due to the seller. Subsequently the buyer’s solicitor submits all documents to the Land Registrar and Kadastar for registration.