Step 1. The potential buyer selects a property.
Step 2. The buyer and seller sign the Sale and Purchase agreement (S&P), where the following information must be specified:
- The total transaction amount in numbers and text;
- A list of all additional fees and charges (real estate agency fee/payment to the developer/refund of deposits, etc.) indicating who pays what;
- The deadline for the transaction to take place and the scenario for the payment of penalties;
- The procedure for settlements between the parties;
- Responsibilities of the parties in case of non-performance of the contract.
Step 3. During the signing of the Sale and Purchase agreement, the Buyer, as a sign of seriousness of intention, makes a deposit of 10% of the total cost of the purchased property.
Step 4. The Seller obtains a No Objection Certificate (NOC) from the developer – this document will be required for Step 5.
Step 5. The Seller and the Buyer meet at the Land Department or at an Authorized Land Department Trustee Office. The property is re-registered, and the funds for the purchase are transferred (usually in the form of a Manager's Check). The transaction is recorded in the Land Department's blockchain registry, and a Title Deed is reissued, confirming the ownership rights to the property.