Owners wishing to sell or let their property typically engage a property agent to market their property. They advertise the property in a variety of online and offline publications and media and contact parties who have registered with them. Buyers can register with these agents and ask for details of available properties. Alternatively, a buyer can appoint their own agent to find a suitable property investment (an agent’s fee is usually payable and is often linked to the rental value or purchase price for the property).
Agents also negotiate the key terms of the transaction. Once these terms are settled between the parties, they are documented in the OTP which are then used by the parties’ legal advisors to draw up the legal documentation for the transaction.