The purchase process: step by step

A brief and simplified explanation of the process of buying a property.

Step 1 - The offer

When you have already selected the property you want to purchase, it will be necessary to make an offer; this is the legal mechanism used so that the seller knows that you are interested in buying the property and the price for which you want to buy it. The real estate advisor is the person in charge of guiding you in the creation of this document. This offer must include all the conditions for the purchase (mortgage, times, etc.), if applicable. 

Step 2 – Acceptance of the offer

If the seller accepts the offer, all pertinent documentation of the transfer of ownership will begin to be prepared; the agency or the real estate consultant will do this. For this, the buyer must reserve the property that he wishes to buy by paying a percentage of the amount. Which generally ranges between 5% and 10% of the final amount of the offer. The buyer will transfer this money to the owner on account of the agreed price.

Step 3 – The deed of sale

Once the financing is clear and all the documentation is in order, a date will be requested to sign the public deed of sale, which will be signed at a notary's office. At the time of signing, the buyer will deliver the payment of the remaining amount of the agreed price of the property, and the seller will give possession of the property to the new owner.