The most important of the documents is the agreement of sale, which is the contract that obligates the seller to transfer ownership of the property to the buyer in exchange for payment of the purchase price. At what point the contract is executed depending on the terms and conditions stipulated on the said Sale and Purchase Agreement.
Many are caught in a transaction of purchase, whether the party entering the Agreement is indeed a victim of fraud and deceive or because those who enter does not possess any knowledge or understanding on what is being signed.
A sale and purchase agreement can be conditional or unconditional depending on the terms stated therein. A party to the said contract should determine those conditions prior to the execution of the said Agreement.
For example, in a situation where in order to proceed with the transaction, State Authority Consent is required (usually in a leasehold property), this would render the Agreement as conditional and it becomes the duty of the owner to obtain the said consent.
Another example would be where a seller purchased the Property from the Developer and intends to sell to the buyer prior to the perfection of strata title. Many a time this becomes a complicated situation and requires time for transactions to complete more so in a low cost property.
Each transaction may differ depending on the details of relevant documentation provided during the sale and this can only be identified by a property lawyer who has the expertise in drafting the Agreement
In a conditional agreement, a deposit or other moneys to be paid by the purchaser, should be held by a solicitor as a stakeholder. Further, should the earnest deposit paid to the real estate agent, such payment should be held until the agreement becomes an unconditional agreement.
Should in any circumstances the conditions set out cannot be complied with within the agreed time, the agreement will be canceled and any money paid will be refunded to the party entitled.
Therefore the only best way to protect you interest is to appoint a lawyer that is well versed in conveyancing matter to represent you.