“Offer to purchase” contract
A contract or an offer to purchase is in essence an agreement to sell something at a price, subject to certain conditions. In our law everything that you agree upon relating to fixed property must be documented on paper.
A verbal agreement is not enough. All the terms of the agreement must be on paper (on the contract).
The property industry often refers to a contract as an “offer to purchase”. Always keep in mind that an accepted and signed offer to purchase is the legal binding contract.
The registration papers (Transfer and Bond documents) that will be completed and signed with the appointed Attorney are not the contract. Therefore it is crucial for the buyer and seller to ensure that the contract / offer to purchase is accurately completed and contains everything agreed upon!
The contract is critical – If you are unsure contact us!
Buying with a bond
If you finance the house with a home loan, remember that it needs to be approved first and then signed at the Attorneys. As such the date of the granting of the bond and date of delivery of the guarantees can not be the same date. Guarantees will only follow the granting of the bond.
If the buyer buys “cash”, guarantees usually imply Bank guarantees against cash in the bank or the deposit of funds into the transferring Attorney’s trust account.