When the Buyer signs a Contract of Sale, they give a 10% down-payment to the Seller.
A mortgage contingency clause is a provision in the home purchase contract stating that if the prospective buyer cannot get a mortgage within a fixed period of time with the specified terms (ex.45~60days), the buyer can call off the deal and get the deposit back.
When purchasing a property as an investment property with tenant–in-place, please make sure to check the sales contract to include the lease contract between the lessor and the lessee (tenant) as a part of the sales contract.
Obtain financial statement of the building from the Management. Please ask your lawyer to check the contents. Be extra cautious that if operating conditions are not well, Common Charge / Maintenance fee will suddenly increase in the near future and Special Assessment (special maintenance fee) may be collected.