You have accepted the buyer’s offer, but this is the just the start of a process which typically takes around 3 months. Your lawyer, if you choose to use one, should keep you informed of the progress of the transaction and protect your interests at every stage, but here is a quick guide to the legal steps which are likely to follow your verbal acceptance of the buyer's offer:
- letter of offer: you will sign the letter of offer previously signed by the buyer and accept the buyer’s deposit (this is typically 2% of the property price and can also be kept by the estate agent as stakeholder until the Sale and Purchase Agreement (S&P) has been signed) – the letter of offer gives a timeframe for the transaction including when the S&P should be agreed and signed (usually about 3 weeks after the letter of offer has been signed)
- S&P: the S&P will be drafted by the buyer’s lawyer and give the details for the transfer and specify any warranties; on signing you should receive a deposit of 10% of the purchase price less the amount of deposit given at the letter of offer stage
- state authority consent: this only applies to transfers of leasehold land or if a foreign buyer is involved and it can take from 6 weeks to 3 months depending on the state. KL (DBKL) is usually the the quickest
- completion: completion will usually take place within 3 months of the S&P (or state authority consent if applicable) but may be faster if a cash buyer is involved; you should now receive the balance 90% of the selling price less any mortgage balance paid to your lender.
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