What Do You Need To Do Once You Have Accepted An Offer?

Once an offer has been accepted, you need to do when you decide about the next steps, if that’s not already part of the accepted terms of the offer. In principle, you need to either go to a notary and sign a deed or an agreement, which could be a so-called conditional sale and purchase agreement or a Memorandum of Understanding (MoU), or else you are drafting such document yourself and present it to the vendor for signing. If the acquisition is complicated and contains many terms and conditions, we suggest you use the assistance of a professional lawyer or agent. You don’t want to lose the deal because you and the vendor can’t agree on signing a document because it is poorly drafted or faulty and non-comprehensive. It is normal, that upon signing an MoU that the buyer makes a deposit of typically 10% of the selling price to secure the property. It can be held by the designated notary or a lawyer. It is now up to the buyer to conduct his due diligence. If it fails, the deposit is returned and if due diligence is successful then the next step needs to happen, which is appearing in front of a notary to sign the sale deed and pay the balance.