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introduction
property types
buying process
option agreement
title search
closing & costs
registration
protection
financing
construction
corporation
residency
conversion chart
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signing the option
If you have found the property you like and finished the negotiations, the first thing to do, is to make sure nobody else can buy the property while the title search is being conducted. This can be established by signing an Option to Purchase Agreement with the seller, in the presence of a lawyer. Usually 10% of the sale price is given as a deposit held in escrow until closing.
With an Option to Purchase Agreement, the buyer is paying for the right to purchase the property at a predetermined
price within a specified period of time. The owner has not renounced any ownership rights nor have any obligations
been transferred with the signing of the Option To Purchase Agreement!
Make sure the option contract will be registered in the national registry to eliminate the possibility that the property owner sells the property to somebody else.
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