Does this sale look OK to you?

I'm selling an overseas property. I have had an offer although the buyer is in a different country to the property itself. He won't be in a position to visit the property, but having seen the deeds and some photos (and confirmation from the developer that I am the owner and that the apt exists) he has started the ball rolling with the purchase/sale. He has employed a solicitor in the foreign country and so have I. He has asked me to arrange for keys for the solicitor to examine the property (just to make sure it exists) and I'm happy to do this. I have the buyer's address and his work address. He has said that I may wait for the funds to clear my bank before passing the original deeds to him, or I may leave the deeds with my solicitor for safe-keeping until the funds have cleared. It all sounds good to me (especially as he isn't asking for deeds until funds have cleared). My gut feel is that this is a very genuine person. The solicitor that I have chosen is from a reputable firm overseas. I have no reason to think that there is anything untoward, but as I am a trusting person and probably wouldn't immediately see a scam I'm hoping you guys can give me advice if you think that I need it. Thank you.

I think you need to state what country the property is in. Scams can often be specific to the way things are done in a certain jurisdiction with respect to contracts of sale or the treatment of deeds.

It seems odd that he is buying the property without seeing it.

It certainly sounds scammish and you should ask your solicitor how he verifies that he has cleared funds. I would have thought that a direct bank to bank transfer or a bank draft was the normal way to make sure that the money had been received.

Brendan

It sounds like you are doing the right things - ie acting through solicitors, delaying the deed transfer until the funds have cleared etc. But proceed with utmost caution - the behaviour of the buyer doesn't seem to 'fit' with the current economic cliamate - it's more akin to the way people acted at the height of the boom. Like you, I'd question why he / she is acting so co-operatively.

One thoght - do you know of people who have sold property in this country before? You need to understand the 'normal' transaction / exchange process fully and then compare whats happening here to that.

I think the initial response on this is very true - you need to tell us which country this transaction will take place in before we can comment / analyse.

Hope it works out.

Many thanks to everybody.