The purchase process consists of several steps. Once you have selected the property you wish to buy, you have to sign a Letter of Offer/Acceptance and to pay a deposit of 3% of the total property price.
Within 14 days after, the buyer signs the Sale and Purchase Agreement and pays another 7% deposit. Following this step, the buyer has 3 months to complete the sale and to accomplish full payment.
The Sale and Purchase Agreement has to be stamped at the Stamp Office in order to become a valid document. It is, however, not until the examination of the property by the valuation department, the payment of the Stamp Duty at the Stamp Office, and the registration at the Land Office Registry, that the title deeds are transferred to the buyers name.
If you are purchasing a new property where the seller does not yet have full title of the property, this has to be stated in the Sale and Purchase Agreement and the title has to be transferred as soon as available.