Wanderlust World Wanderlust World Apply for a mortgage with a bank or mortgage credit organization. Banks will generally allow up to 80 percent of the property value to be borrowed, assuming solid credit and documentation by the buyer. A buyer's certificate from the lender will confirm the mortgage arrangement.
Hire a lawyer or solicitor to review the purchase agreement, which will be prepared by the seller's lawyer. A deposit for the first part of the down payment will be made with the executed purchase agreement, "which is 5% of the cash price" according to the website Global Property Guide. The buyer generally has six days after signing the purchase agreement to cancel it but will pay 1 percent of the purchase price to the seller if the contract is nullified.
Hire a property inspector to review the house for proper construction and maintenance. The seller usually provides a property report detailing the home's condition to execute a transfer deed at the time of sale. If a report is not provided, the seller may be held responsible for up to 20 years for existing defects or damage to the house.
Execute a deed of conveyance, as drafted by the home buyer's attorney. "The deed of conveyance assures the buyer has clear title to the property once the deed has been recorded at the local land registry office." Once recorded, the official owner document is issued to the home buyer by the registry office.