This is an important stage. Try to convince your buyer to make a positive decision on the spot and pay the booking. You can collect few hundred or up to 3% of your selling price as earnest deposit to secure the deal. You can prepare a simple note and sign by both party on term and condition for the deal before proceed with legal documentation. Some words such as "earnest deposit are not refundable", "earnest deposit shall be forfeited" can be put into the simple note to made the deal more convincing.

Then you may give the buyer a dateline to prepare the Sale and Purchase Agreement (S&P). Normally it will be during 14 working days after payment of earnest deposit. The S&P would be prepare by a lawyer.

In the S&P, normally it will be a 3+1 months for the completion of legal documentation, which means that the buyer has to settle the full purchase price within 3 months free of interest, with an allowed extension of 1 month plus interest if necessary.