Offer to purchase immovable property template

When it was time for registration to take place, the deeds office picked up that the unit we are selling is in fact the incorrect unit number title deed granted to us was as per the developers plan and not the Surveyor Generals plan — we were registered as unit number 3 and not unit 4 which was stated in the title deed.

Both us sellers and the buyers agreed that we would go through with the deal and registration would then take place once the units numbers were rectified at the deeds office. What happened in that process is what frustrates me the most.

We now have to go through this process again to rectify the numbers before the sale can go through which could take some more time. Now my question is, on What grounds can I cancel this sale as the documents signed all states unit number 3 which is the incorrect unit number stated on the offer to purchase as we are now unit 4. Also our property is worth more now and the rent we receiving from the buyer is far less than the going rate in the area. Dear Robin Thank you for enquiry.

As this is quite complex to answer here please instead feel free to contact one of our attorneys to help you. The buyer was given 5 days to pay a portion of the money, they were overseas and paid upon their return almost a week later. The seller then decided to cancel the deal based on late payment, the buyers defence is an unfair timeframe as they were out of the country.

Who would be liable? Hi there It all depends on what the offer says however the standard procedure is to send a letter of breach to the party whom is in breach. Only thereafter can you cancel should the party not rectify its breach. Please feel welcome to contact us directly if you would like assistance in this matter.

Hi What do you do if you have signed an otp and your bond has been approved but you can no longer afford the bond.

Your financial situation has changed and you cannot currently purchase any house. Dear Tyler, thank you for your enquiry. We would suggest that you advise all parties the reason for cancellation as circumstances can change.

As long as you have proof that you can longer afford any bond that would in any normal circumstance suffice. I signed the contract of OTP the banks came back to me but the rate was not favorable therefore I canceled my OTP and rejected the banks offers now I have received A notice of breach of contract. What are my options. From the assistance I received via the online chat, to the amendments needed after Fantastic turnaround time. Thank you guys" - Kenneth via TrustPilot.

Would also recommend them to friends and family. However, it is legally required that a Lawyer attend to transfer of ownership from the Seller to the Buyer and the registration of the transfer with the Deeds Office.

However, the Seller may permit the Buyer to appoint the Conveyancer by agreement between the parties. Are the electrical wiring, plumbing, and appliances in good working condition?

And is there a working safety switch installed? Enjoyment Is your property in or close to a flood-prone area? Is the property located near a venue used for commercial or industrial activities that might generate noise?

Value Is your property energy efficient? If such defect has been recorded in the agreement with a corresponding obligation on the seller to repair there will be no room for dispute or refusal by seller to attend to repairs. It would therefore be best to raise such defects identified to negotiate on the purchase price, alternatively provide for repairs to be concluded before the registration of the transfer as a condition of sale.

In order for a party who wishes to specify conditions in an agreement, the conditions must be specific and have a time frame for deliverance in order to hold the other party accountable for same.

For example, the seller to provide purchaser with approved municipal plans within 5 days of acceptance. Such conditions therefore become suspensive condition to the agreement, and it is the duty and responsibility of the conveyancers to ensure compliance on or before the due date, before proceeding further with the transaction.

For example, where a purchaser needs to obtain finance, the seller reserves the right to market the property until the purchaser obtains a bond grant. Should the seller receive another offer, and if this offer is unconditional or is more favourable to the seller, the seller will be entitled to accept the second offer unconditional or more favourable offer subject to providing the purchaser of the first instance with a copy of such competing offer and afford the purchaser with 72 hours in which to comply with the suspensive condition or to waive the right to the suspensive condition, thereby making the agreement unconditional.

It must be stated in the agreement that finance through a mortgage bond is a suspensive condition to the sale. Should the agreement not cater for specific wording ensuring that the obtaining of finance is a suspensive condition, a bond grant would be seen as a condition of sale, and the default clause would therefore dictate what process must be followed and what remedies may be available to a seller in such instance. Get the best of Private Property's latest news and advice delivered straight to your inbox each week.

What is an OTP in property terms? Q: What do buyers need to ensure before signing an OTP? Q: Once signed, how binding is the contract, and for how long? Q: If signed and there is a change of heart, can a person retract? Q: What are the various clauses that are contained within an OTP? This is not an exhaustive list, and parties may negotiate and agree on any terms which can be included in an offer to purchase, however, for ease of discussion and regular practice followed, some points are discussed below: The parties to the contract Description of the property being sold Purchase price, including details of how the purchase will be paid, and when payment is due.