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Prime Property

Prime Property

Date: 2019-09-13
Essential Elements Within an Offer to Purchase

Making an Offer to Purchase is an important step in the buying or selling process.

This agreement becomes a legally binding contract once signed by both parties.

It is vital that the following factors are included in the contract:

* The precise purchase price with any considerations given by the purchaser to the seller.

* Any conditions of sale, eg: that the purchase price is dependent on the buyer obtaining a bond.

* That the deposit will be held in a trust pending the completion of the sale and that interest accrued is due to the buyer.

* That all fixtures and fittings, anything glued or screwed down, are deemed to be part of the property as a whole. All items should be listed separately in the contract to avoid potential complications later on.

* That the owner declares that to the best of his knowledge, the house is structurally sound. Although sellers may try to protect themselves from any claims by a "voetstoots" clause, this will only protect them from claims where they were not aware of defects. If the seller was aware of defects and failed to disclose them, this protection becomes invalid.

* If the seller is in possession of approved plans, there should be an undertaking to provide a copy of these plans.

* In the case of a newly constructed home, a copy of the NHBRC certificate as well as occupation certificate may be necessary.

* Electrical compliance and certification is required, the agreement of sale should address any issues.

For specialist property advice contact Prime Property 031 566 5416.