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FIX BUILDING · 03 CONTRACT

Building Contract

Learn what to verify before signing, how to turn agreements into clear conditions, and what to check again before closing.

View the full contract process→Fraud & transaction red flags→Common contract mistakes→
FIXBUILDING
01WHO · Contracting Party
02WHAT · Contract Scope
03MONEY · Payment
04TERMS · Contract Terms
05VERIFY · Recheck
06CLOSE · Closing
QUICK ACCESS

Choose a contract stage.

Follow the full process the first time, or jump directly to the stage you need to review again.

01Parties & authorityAUTHORITY02Property & current conditionPROPERTY03Price & payment termsPAYMENT04Contract terms & special clausesTERMS05Pre-closing recheckVERIFY06Closing & title transferCLOSE07Contract checklistCHECK
CONTRACT TUTORIAL

Understand the contract structure before you sign.

A building transaction involves more than reading a contract document. You need to understand who has authority to sign, what is actually included in the transaction, how money moves, which promises must become written conditions, and what needs to be checked again before closing.

01
01 · WHY CONTRACT MATTERS

A contract turns analysis into actual rights.

A strong property analysis does not automatically produce a safe transaction. The value and risks identified during analysis must be reflected in the actual property scope, payment structure, contract terms, and closing conditions.

01

A good property and a good contract are different.

Property analysis asks whether you should buy the asset. The contract determines exactly what you are buying, from whom, and under what conditions.

01VERIFY

Confirm the current facts and supporting information.

02AGREE

Set transaction conditions based on verified facts.

03DOCUMENT

Turn verbal agreements into conditions that can be checked later.

04RECHECK

Confirm whether anything changed after signing.

05PAY

Move money only after required conditions are satisfied.

06HANDOVER

Complete the transfer of rights, documents, facilities, and operational materials.

01

Unclear property scope

If the ownership of a facility is unclear, both the purchase price and the handover scope may change.

02

Incomplete tenancy information

Different deposit or lease terms can change the actual closing payment and future cash flow.

03

Changes in rights

If a new right or encumbrance appears after signing, the closing conditions may need to be reconsidered.

A contract should connect the value you analyzed to the rights and conditions you actually receive.
02
02 · SIX CONTRACT CHECKS

Check the contract across six areas.

Instead of trying to memorize every possible document or risk, divide the transaction into six questions.

01
WHO

Who are you contracting with?

Who are you contracting with?

Does this person actually have authority to sign? The person in front of you, the legal owner, an agent, or a co-owner may not always be the same person.

02
WHAT

What are you actually buying?

What are you actually buying?

Does the transaction scope match what you see and expect?

03
MONEY

Under what conditions does money move?

Under what conditions does money move?

Ask why money is paid at that point, not only when. Deposit, interim payment, and closing payment should be linked to conditions that must be satisfied at each stage.

04
TERMS

How are agreements documented?

How are agreements documented?

Can the agreement still be verified later?

05
VERIFY

What changed after signing?

What changed after signing?

Are the facts you checked earlier still true? Rights, tenancy, facilities, loans, repairs, and settlement amounts can change between signing and closing.

06
CLOSE

Is the transaction actually complete?

Is the transaction actually complete?

Are payment, title, documents, and handover all aligned? Sending the final payment alone does not complete the transaction.

ONE ERROR CAN TRAVEL
01UNCLEAR SCOPE→
02WRONG PRICE ASSUMPTION→
03INCOMPLETE TERMS→
04CLOSING DISPUTE→
05HANDOVER PROBLEM
A contract is not a collection of isolated checks. Each verified fact becomes an input for the next stage.
03
03 · CONTRACT THINKING

Set your verification criteria before reading the contract.

The goal is not to memorize legal wording. It is to build a repeatable way of thinking about a transaction.

01
BEFOREI heard the explanation.→AFTERI verify whether the facts match.

An explanation from a seller or broker may be useful, but it is not verification by itself. Compare the explanation with official records, the actual property, and the contract.

02
BEFOREA document exists.→AFTERI check its content and date.

The existence of a document does not mean it reflects the current situation. Check what it proves and when it was issued.

03
BEFOREIt is written in the contract.→AFTERI verify that it was actually performed.

A written condition records the agreement, but performance must still be confirmed.

04
BEFOREThe payment date has arrived.→AFTERI check whether payment conditions are satisfied.

A calendar date does not prove that vacancy, repair, release, or other required conditions have been completed.

05
BEFOREI already checked it once.→AFTERI recheck at important transaction points.

Information verified before signing may need to be checked again before closing.

06
BEFOREI sent the final payment.→AFTERI verify that the entire transaction is complete.

Payment, title transfer, documents, physical possession, and operational handover should all align.

The goal is not to distrust everyone. The goal is to create a transaction where the person, documents, property, money, and contract terms can all be verified against each other.
04
04 · BEFORE CONTRACT

Prepare your reference information before the contract.

Do not wait until the contract arrives to start collecting information. Prepare a baseline first so you can identify missing terms and later compare whether anything changed.

01
RIGHTS

Establish the current ownership and rights baseline.

PREPARE
    WHY

    Prepare current ownership or title records, owner information, co-ownership information, mortgages and other registered rights.

    RESULT
    CURRENTRESOLVERECHECK.
    02
    PROPERTY

    Define what is being transferred.

    PREPARE
      WHY

      Prepare land, building, attached facilities, equipment, fixtures, parking or common-area rights.

      RESULT
      INCLUDEDEXCLUDEDVERIFY.
      03
      TENANCY

      Organize existing lease information.

      PREPARE
        WHY

        Prepare tenants, deposits, rent, lease periods, unpaid amounts, and expected vacancy. Existing leases affect income, settlement amounts, and operations after acquisition.

        RESULT
        ASSUMESETTLEVACATEVERIFY.
        04
        CONDITION

        Record the current physical condition.

        PREPARE
          WHY

          Prepare major facilities, defects, repair promises, leased or financed equipment, and items to be removed or replaced.

          RESULT
          CURRENTACTIONCOMPLETION.
          05
          MONEY

          Separate purchase price from actual cash movement.

          PREPARE
            WHY

            Prepare purchase price, assumed deposits, settlement items, financing, payoff amounts, taxes and costs, deposit/interim/closing payments.

            RESULT
            WHOHOW MUCHUNDER WHAT CONDITION.
            06
            TERMS

            List unresolved conditions before drafting.

            PREPARE
              WHY

              Repairs, vacancy, release of rights, facility transfer, document delivery, unpaid balance settlement.

              RESULT
              05
              05 · FIVE QUESTIONS

              Answer five questions before you sign.

              Use these questions as the final review before moving into the detailed contract process.

              01

              Who are you contracting with?

              You should be able to explain who owns the property and who has authority to sign.

              02

              What exactly are you acquiring?

              You should know the scope of the land, building, facilities, leases, and other transferred items.

              03

              How much will you pay, and why at that point?

              You should understand not only payment dates but also the conditions that must be satisfied before each payment.

              04

              What will you recheck before closing?

              Identify in advance which facts may change between signing and closing.

              05

              What must you receive before the transaction is complete?

              Know what constitutes completion: rights, documents, keys, facilities, leases, and operational materials.

              If you cannot clearly answer one of these questions, verify that part of the transaction before moving forward.
              CONTRACT STANDARDTurn verified facts into conditions.Turn agreements into writing.Recheck before payment.
              Building Contract Guide | Verification, Terms & Closing | FIX BUILDING