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This is the stage that both parties promise to enter into a final contract to buy/sell a property; the equivalent of exchange in the UK. A deposit is required at this point, usually between 10-30%. It is a binding document signed by both parties, which states all of the terms & conditions agreed, such as price and completion date.
If the ownership is a corporate entity and you are keeping the same ownership, then your lawyer will have to do searches on the company and subsequently a Share Purchase Agreement is drawn up instead of a promissory contract and a deposit paid. Completion usually follows soon after which is normally quite straight forward with the monies being transferred between the parties lawyers on exchange of the company shares and documents. |
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