Selling your Property
Selling procedures are extremely simple and safe. Once you have found a buyer for your property and sale price, terms and conditions have been agreed upon, you sign a Promise of Sale Agreement with the buyer. This agreement, which is drawn up by the Notary, binds both parties until the signing of the final deed of sale.
On signing the Preliminary Agreement a 10% deposit, on account of the price, is normally lodged with the Notary or the Estate Agent by the buyers. This deposit will be forfeited in your favour should the buyer fail to sign the final deed for no valid reason at law.
The term of validity of the agreement is agreed between the parties, however, usually agreements are valid for three months. During this period, the Notary will register the Preliminary Agreement in terms of law, carry out searches into the title and apply for any permits if necessary.
There are no restrictions on owners to sell their property at any price. Mainly in the case of foreign nationals, the entire sale price including sale proceeds of movables may be repatriated abroad, in which case, the Notary would apply for clearance from the local tax authorities, prior to signing the final deed of sale.