Key Steps to Initiate a Sale-Purchase Process

Once an apartment has been shortlisted by a buyer, initiating the sale-purchase process involves several key steps to move toward a successful transaction. Here’s a guide to get started:

Step 1: Formalize Intent

1. Express Interest: Notify the seller or their representative about your interest in purchasing the shortlisted apartment.
2. Letter of Intent (LOI)/Expression of Interest (EOI): Provide a formal letter expressing your intent to purchase the property. Include proposed terms, price, and any specific conditions.

Step 2: Due Diligence

3. Property Inspection: Revisit the property for a detailed inspection. Verify its condition and amenities.
4. Legal Verification: Conduct thorough legal due diligence. Review ownership documents, titles, clearances, and any pending legal issues.
5. Financial Arrangements: Ensure your finances or mortgage approvals are in order to proceed with the purchase.

Step 3: Negotiation

6. Negotiate Terms: Discuss and negotiate the final terms of the sale, including price, payment schedule, and any additional terms or conditions.

Step 4: Sale Agreement

7. Draft Sale Agreement: Prepare a formal sale agreement outlining all agreed-upon terms and conditions. Seek legal advice to ensure the document is comprehensive and legally binding.
8. Signing: Both parties sign the agreement, indicating mutual acceptance.

Step 5: Payments and Documentation

9. Initial Payment: Make an initial deposit or token amount as per the agreement to secure the property.
10. Legal Formalities: Complete necessary paperwork such as stamp duty, registration, and other legal formalities.
11. Payment Schedule: Follow the payment schedule as outlined in the agreement, ensuring compliance with payment milestones.

Step 6: Finalization

12. Final Payments: Fulfill the remaining payment obligations as per the agreed terms.
13. Final Inspections: Conduct a final inspection before the completion of payments to ensure the property’s condition.
14. Transfer of Ownership: Complete the formalities to transfer ownership legally.

Step 7: Possession

15. Completion: Upon fulfilling all payment obligations, receive the possession letter and complete any final paperwork.
16. Handover: Receive possession of the property and obtain keys, documents, and possession-related certificates.

Note:

• Throughout the process, maintain clear communication with the seller or their representative.
• Engage legal advisors or conveyancers to oversee legal aspects and ensure compliance with local regulations.
• Record all transactions and communications in writing for documentation and future reference.
• Ensure all verbal agreements are documented and incorporated into the sale agreement.

The sale-purchase process involves legal, financial, and administrative aspects. Each step should be carried out with diligence and adherence to legal requirements for a smooth and successful transaction.