PROPERTY SALE AGREEMENT LAWYERS IN JOHANNESBURG AND CAPE TOWN
– Ensure a professional property inspection before you sign the offer to purchase contract –
PROPERTY SALE AGREEMENTS
A property sale agreement between a property seller and a buyer also called an offer to purchase (OTP), is a legally binding document signed by both the buyer and the seller of a property. As a buyer, it’s essential that you understand all the implications of this document before you sign.
Buying a home or any other immovable property thus starts with the Offer-to-Purchase. Until both parties sign the Offer-To-Purchase, it is considered a non-binding document, meaning either party can withdraw from the deal without any legal consequences.
WHAT IS AN OFFER-TO-PURCHASE?
The Offer to Purchase (OTP) is a legal document that outlines the terms and conditions of the sale, such as the purchase price, the occupation date, and any special conditions that must be met before the sale is completed. Once the seller accepts the OTP, the parties are legally bound by the terms and conditions of the agreement. Either the Seller or the Buyer of the immovable property can then be held liable if they break any of the terms of the contract.
It is always recommended to consult a legal professional for advice before signing an offer to purchase or any legal document.
WHAT PROVISIONS ARE INCLUDED IN THE OFFER-TO-PURSCHASE?
A sale agreement for immovable property can include a variety of provisions and terms, such as:
- Conditions precedent: These must be met before the sale can be completed, such as obtaining a bond or transferring the property into the buyer’s name.
- Date of occupation: The parties can agree that the buyer will move into the home once the transfer is completed or on another date.
- Fixtures and fittings: The inclusion or exclusion of certain fixtures and fittings in the sale.
- Warranties and representations: Any warranties or representations made by the seller regarding the property, such as its condition or any defects.
- Cancellation clauses: Parties can stipulate an amount as a general cancellation amount, as this will avoid disputes over the amount of damages to be paid in the event of cancellation.
Each sale agreement is unique, and it is important that a specialist property attorney, such as a conveyancer, review and discuss the terms of your Offer-to-Purchase, with you, before signing.
OBTAIN LEGAL ADVICE BEFORE YOU SIGN THE OFFER TO PURCHASE CONTRACT.
CONTACT THE PROPERTY SALE AGREEMENT LAWYERS AT JULIES ATTORNEYS INC.
Contact Julies Attorneys Inc. for all your property inspection, negotiations and conveyancing needs. A professional property inspection will assist to identify possible hidden maintenance and repair requirements.