Token money should never rely on a verbal understanding. The written record should identify every party, the property, the amount, the recipient account and the exact purpose of the payment.

Record the commercial terms

Write down the agreed price, inclusions, possession expectation, brokerage treatment and any conditions that must be satisfied before the next payment.

Define the timeline

State document-review dates, loan milestones, agreement or registry dates and what happens if a condition is not met. Have the final document reviewed by a qualified property lawyer.