A notary is appointed to oversee stipulation and signing of the preliminary agreement of purchase. This contract binds the owner for three months to sell the property in question to the purchaser signing the contract. The individual buying the property, on his part, pays 10% of the property price to the owner on signing the preliminary agreement.

Up until the three months come to an end the purchaser can opt out of the sale and will be refunded the 10% fee back in full. If the three months from the date of signing the preliminary agreement expire the purchaser will not be refunded the 10% sum back even if he settles for not acquiring the property.

If the buyer makes up his mind to go through with the purchase of real estate from the owner he will pay the remaining 90% of the price once the owner delivers the property keys. Meanwhile the appointed notary will perform all relevant searches to determine clean title of the property and apply for all required permits.

£188.88 is paid as fee for the Application of Immovable Property. The permit will be granted within three months of application from the Ministry of Finance.