BUYING OR SELLING PROPERTY: Step 1 – The offer to purchase

The purchaser will make an offer to purchase for a property by signing an offer to purchase, which will become an agreement of sale on acceptance of the offer by the seller.

Important clauses in an agreement of sale:

  1. The parties. (ensuring their legal capacity to enter into the agreement.)
  2. The purchase price.
  3. Suspensive conditions. (obtaining a loan from a bank or financial institution).
  4. Occupational rent. (should the purchaser occupy the property before registration of the transfer is complete)
  5. Transferring attorney particulars.
  6. Breach of contract.
  7. Special conditions.

These are only to name but a few of the important clause in an agreement of sale between a seller and a purchaser.

It is therefore crucial that both the seller and the purchaser peruse the agreement of sale and raise any concerns before signing the agreement.

We will be honoured to attend to any questions you might have when buying or selling property.