Before paying an advance, the buyer should verify that the seller legally owns the property, has authority to sell it, and that the land is not subject to a restriction, mortgage or unresolved title problem.
The advance agreement should state
- exact property description;
- total price;
- advance amount;
- deadline for final transfer;
- documents seller must provide;
- consequences if title is defective;
- refund terms;
- consequences if either party defaults;
- possession arrangements;
- dispute-resolution provisions.