Housing

Many agents use the terms preliminary sale and final sale when the sales price is paid in instalments. These terms are misleading. The parties to the transaction may mistakenly think that there is still the possibility of withdrawing from the transaction after the preliminary sale.

• The ”preliminary sale” is the actual conclusion of sale, involving the signing of a binding deed of sale.
• The ”final sale” is just the time when the remainder of the sales price is paid

Preparing the deed of sale is the agent's responsibility The agent is responsible for preparing the deed of sale in a professional manner, with consideration of both parties' interest. The deed of sale must include, for instance, any material defects in the apartment which the seller has informed the agent of at the time of drafting the brokerage contract.