Step 3 Real estate sales contract

When a buyer is found, you’ll receive an “offer to purchase” or “application form” from your real estate agent. This form will state the buyer’s desired price, schedule for signing the contract, payment method, desired hand-over schedule, and other conditions.

Once the seller and the buyer reach an agreement, a sales contract will be drafted stating the agreed upon sell price, payment method and other agreements.

The seller needs to disclose the condition of the property when preparing the real estate sales contract. It is essential that the present condition of the property is clearly and properly explained to the buyer to avoid any trouble during the selling process. It is required that the property is handed over to the buyer in the condition that was disclosed to the buyer in the contract.

• Any leakage or damage caused by termites or the surrounding environment will be disclosed in “the Confirmation Note of Inspection of the Premise”.

• Any defects or malfunctions of equipment included in the property such as the kitchen, bathroom, air conditioning, water heaters, etc. will be disclosed in the “List of Facilities”.

When both the seller and the buyer sign and seal the real estate sales contract and the buyer remits the down payment to the seller, the contract will be legally binding. Once legally binding, violations to the contract may incur penalties.

Please check with and ask for clarification from the real estate agent if you have any questions.

Items needed for signing the sales contract