Step 29 of 48 Phase 4: Negotiate & Sign Arras
4.6 Submit Offer & Sign Arras
Submit your offer and sign the arras (deposit contract) to secure the property.
The Arras Contract
- A binding deposit contract typically for 10% of the purchase price
- If you withdraw, you lose the arras deposit
- If the seller withdraws, they must return double your deposit
- Sets the completion date and key terms
Pro Tips
- Always have your lawyer review the arras before signing
- Include conditions for mortgage approval if applicable
- Ensure the property is taken off the market once arras is signed
- Keep copies of all signed documents and payment receipts
Common Mistakes to Avoid
- Signing the arras without legal advice
- Not including a clause making the contract subject to mortgage approval
- Paying the arras before checking the Nota Simple
- Agreeing to an unrealistic completion date