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Let's do the deed.

Updated: Nov 6, 2023

After signing the promise to purchase and sale contract for a property let's do the deed, the following steps are typically involved: Let's do the deed.

  1. Payment of the Deposit: The buyer must pay the deposit amount specified in the contract to the seller. This amount serves as a guarantee of the buyer's commitment to the purchase.

  2. Agreed Upon Deadlines: Review the contract to understand the established deadlines and conditions. This may include deadlines for the remaining payment, the closing date of the transaction, and other specific obligations.

  3. Verify: The buyer may begin or continue verify the legality, condition, and documentation of the property. This can include inspections, title searches, and legal document checks.

  4. Financing (if applicable): If the buyer is obtaining financing for the purchase, they should follow the necessary procedures for loan approval, which may include a property appraisal by the bank.

  5. Payment of Taxes and Legal Costs: Both parties must pay taxes and legal costs associated with the transaction, such as real estate transfer tax and notarial fees.

  6. Signing the Deed of Sale: After fulfilling all conditions of the promise to purchase contract, the parties usually schedule the signing of the deed of sale at a notary. During this signing, the buyer pays the remaining amount to the seller, and the property is officially transferred.

  7. Property Registration: After the deed is signed, the property transfer must be registered with the relevant authorities to formalize the transaction.

  8. Transfer of Utilities and Services: The buyer must transfer public utilities (electricity, water, gas, etc.) to their name and ensure that everything is functioning properly at the property.

  9. Delivery of Possession: The seller must deliver possession of the property to the buyer on the agreed-upon date, and the buyer may take occupancy or use of the property.

It is advisable to work with an experienced attorney or real estate agent or both to ensure that all steps are followed correctly and that the transaction is successfully completed.

Let's do the deed.


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