The deposit Payment. Normally once a purchase price has been agreed by both the buyer and the seller a deposit payment is made to the seller by the buyer.
How much deposit should be paid? 10% of the purchase price. This figure is widely regarded to be the norm. Although it is up to the seller to decide how much they want as a deposit.
As the deposit is handed over an agreement is signed saying that a deposit has been paid and that the completion of the sale of the property shall be completed on a date both the buyer and seller have agreed to. Caution! If the agreed date comes but the buyer fails to complete the purchase on the date as agreed before, then the buyers deposit is fore fit unless a change of date has been agreed before hand. If a change of the completion date has been agreed always get this in writing.
Contracts of Sale and Deposit payment receipts. If your buying a house or condo we recommend using a reputable lawyer to handle the deposit payment, sale and land office transaction. If you need help finding a lawyer then please contact us we are happy to recommend a lawyer for you.
Transfer Tax. This is something you need to know about. Transfer tax is a percentage of the value of the property. This tax can change so contact a lawyer to find out the current rate. The transfer tax is normally split 50/50 between the buyer and the seller. |
