The Official Promise
here you will be guided by your real estate agent to visit a notary, where 10% of the total property price plus 1% (of the 5%) Stamp Duty* will need to be held by the notary. They will then draw up a Promise of Sale (subject to Bank Loan) where both parties and the Real Estate Agent will agree to set a timeframe on when the Final Contract and exchange of keys can take place - this is generally a 3 month or 6 month period.
*Stamp Duty might be waived in accordance with Government Schemes such as the First Time Buyers Scheme.