Ownership structure first, diligence second, staged binding commitment third. The money is the only step that cannot be undone, so it goes last in the sequence.
Everything reversible comes first
The uncomfortable feature of this route is that the evidence required is proof of exposure, so the buyer must accept real risk before knowing the outcome. The sequence exists to make sure that risk is accepted with full information rather than early enthusiasm. Deciding the ownership arrangement first costs nothing and prevents a structure that cannot satisfy the nationality requirement. Completing diligence second means any deal-ending discovery happens while the money is still in the buyer's account. Staging the binding commitment third, with dates recorded, produces both the commitment the route requires and a clear evidentiary record of when it arose. A seller demanding an immediate unconditional close is asking the buyer to invert all of this.
A first review should yield an ownership chart, a source-of-funds trail, and a transaction schedule showing when each obligation becomes exposed to loss. A passport settles treaty nationality; company records settle treaty-national ownership; signed agreements and payment records settle commitment. The business plan should then test whether the enterprise will be real and more than marginal and whether the investor will direct it. The decision is whether the proposed deal is ready to commit, needs different terms, or should be abandoned. Hypothetical example: a custom-orthotics retailer has a partner who owns part of the venture, so the buyer checks treaty-national ownership before releasing an equipment deposit.