Possibly, the most important document when buying a property,is the offer to purchase document. What it comes down to is that the signed agreement between two parties, whether it concerns an offer to purchase, or a deed of sale document, and whether it applies to transfer of title deed, sectional title or block share, becomes a legal contract, the mutually agreed and binding terms of which are enforceable in the courts.
The first thing to make certain of is that all agreements pertaining to the deal are in writing and that the writing says what you mean it to.This is mainly concerned with immovable property. i.e. land with or without buildings or in the case of sectional title, buildings only. Ownership must be registered in the deeds registery and this registration the deed of sale is intended to facilitate.
Question:
What is the difference between an offer to purchase and a deed of sale?
Answer:
The former is merely an offer to buy a property which then effectively becomes a deed of sale once it is accepted and signed by both parties.
Question:
Once the offer to purchase has been accepted by both parties, is there any way to get out of the deal without too much financial loss?
Answer:
Probably not, unless you have some extremely understanding sellers. Normally you would be called on to pay the full amount, or face a claim for damages, or forfeit the deposit that you paid.
Question:
When does the offer to purchase document become legally binding?
Answer:
Upon both parties signing the contract. For the sale to be properly finalised, all the suspensive conditions would need to be met.
Question:
When must I use a conveyancer for the transfer of my property?
Answer:
Before signing any offer to purchase document, it is suggested that a conveyancer should have a look at it. It's better to be safe than sorry and most conveyancers will look over the offer to purchase without charging extra, if you are using them for either the transfer or the registration of your property.
