When you sell a Randburg property the process to sell after you have done a viewing all starts with the Offer to Purchase or OTP as it’s known.  And when you get your offer to purchase, it is the best feeling ever.  Especially if you came close to your asking price or even more at times.  But sometimes we find ourselves feeling safe when sometimes we should be guarded, especially around what makes an offer to purchase valid if you need more information contact Sandy on 083 550 1220. My real estate business is made up of a super team of qualified property practitioners who operated in the Randburg property market as a team called Cornerstone Realty. And our business is powered by eXp South Africa, one of the fastest-growing real estate brokerages in SA and the world.

Need legal advice on an Offer to Purchase

Visit the Ltinc.co.za Website you will find quite a few more articles that cover a wide range of legal and conveyancing topics.  Louise Tonkin runs her firm based on the West Rand and together Louise Tonkin Inc. and Cornerstone Realty through a successful partnership, offer our buyers and our sellers the most fantastic service when a property is sold.  Advice on all things legal is also provided which extends the scope of what Louise Tonkin Inc offers consumers in SA be that property transfers, navigating deceased estates, wills and so much more. Getting legal advice on an Offer to Purchase is something Louise can certainly assist with if you need advice.

Contractual obligations for an offer to purchase

  • Consensus:  In an Offer to Purchase it is important that there be a meeting of the minds in ‘layman’s terms.  This is considered consensus.  The buyer puts in an offer on an Offer to Purchase or OTP and the Seller accepts the offer to purchase (OTP).
  • Capacity: The capacity of the parties who conclude the Offer to Purchase should have the legal capacity to enter into such a contract. This includes the Age of a party (over 18 years of age), This can include a minor who has a valid marriage.
  • Mental Capacity: To ascertain whether the parties have the mental capacity to enter into a contract or an Offer to Purchase we must determine at the time of conclusion whether the parties understand their actions.
  • Marital Status:  Considers the regime and applicable law.  If one of the parties is married, we must determine which marital regime or law he/she is married in. If you are married in community of property, this party will require consent from your spouse who could and would need to sign the Offer to Purchase.
  • Possibility and Certainty of Performance: This is a general rule in respect of the impossibility that the performance will not prevent the conclusion of the contract or the offer to purchase.
  • Formalities:  Different contracts require different compliance.  It is legally required that the Offer to Purchase be “in writing”.
  • Legality: The most important requirement of all.  If all the above requirements are met in the Offer to Purchase, but the performance is prohibited by law, the whole Offer to Purchase will be invalid.

Is the Offer to Purchase signed but you have changed your mind?

The short answer is don’t.  If you put in an offer and once the offer to purchase or OTP is signed by all the relevant parties, the contract or the Offer to Purchase becomes binding.  Both parties mean the Seller and the Buyer.  Damages will apply and could leave you horribly out of pocket with no home. If you need help or have questions call Sandy from Cornerstone Realty on 083 550 1220.

We work with the best based on our experience

In order for a successful property transfer to take place, you need not just a great agent to do their best to sell your home, you will also need a great attorney to help you navigate all the legal hurdles.  Time and time again we see a seller choose a friend of a friend and trust this does not always work out for the best.  Delays is 1 thing but having a strong enough team to pick up if someone gets sick was something we saw a great deal of during COVID-19.  A strong attorney is a good recommendation.  We work with Louise Tonkin Incorporated on most of our property transfers and they are good at what they do.  When we recommend an attorney firm to undertake your property transfer we know they do a good job and not just once every leap year, but every single time.  Their communication is great and you are never left wondering how your property transfer is doing.

Need to get in touch with great Estate Agents in Randburg?

Nicole and I work as a team called Cornerstone Realty, powered by eXp South Africa. And yes, we are Christian Estate agents working in the Randburg property market. We face the same challenges and the same market conditions that every other agent faces, but our experience, our local knowledge and our faith with a big dash of favour get us the results we seek for our clients.

Need to work with top real estate agents in the Randburg, area, call Sandy Graham from Cornerstone Realty on 083 550 1220. Cornerstone Realty is your first choice and we are powered by eXp South Africa a formidable real estate brand in SA and the world. Visit my website for more info or drop me an email at sandy.graham@expsouthafrica.co.za.

Randburg Estate Agent

Written by: Sandy Graham on 083 550 1220 from Cornerstone Realty, powered by eXp South Africa. We do good and we achieve great results that are always focussed on protecting the equity built up in your home over time.

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