When you sell a property it all starts with the Offer to Purchase or OTP as it’s known. And when you get your offer to purchase, it really 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.
Let’s hear from Louise at Louise Tonkin Inc about an offer to purchase
If you 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 own firm based on the West Rand and together Louise Tonkin Inc and Keller Williams Select 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. To contact Louise click here to drop her an e-mail.
Contractual obligations for an offer to purchase
Let’s cover the material elements as the legal folk put it. All these elements make up a valid contract or Offer to Purchase (OTP).
Consensus: This is the 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 contract 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: In order to ascertain whether the parties have the mental capacity to enter into a contract 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.
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 contract be “in writing”.
Legality: The most important requirement of all. If all the above requirements are met, but the performance is prohibited by law, the whole contract will be invalid.
What if you change your mind about the property?
The short answer is don’t. If you put in an offer once the offer to purchase or OTP is signed by both parties, it’s binding. Both parties mean the Seller and the Buyer. Damages will apply and could leave you horribly out of pocket with no home.
Keller Williams Select and Louise Tonkin Inc.
In order for a successful property transfer to take place, you need a good Keller Williams Select estate agent to submit an Offer to Purchase that is signed by both parties. These parties are the buyer and the seller. When the offer to purchase has been signed by both parties, the offer to purchase is accepted. At Keller Williams Select, we know how important it is to not just get the ball over the line, but we understand what it takes to make the offer to purchase stick. It is for this reason that Keller Williams is strategically aligned to Louise Tonkin Inc. You see when you have the right conveyancer like Louise Tonkin Inc working on your property transaction as a KWS agent you know the deal is as good as done. Regular communication, honest feedback, and the support you need for all parties to be transparent about the process, the delays, and also the progress is imperative. Lastly, being left in the dark is a truly horrible place to be as a buyer, a seller, and as an agent.
Keller Williams is the biggest and we are the best
Simply, Keller Williams is the franchised largest real estate brand in the world. We are by all accounts the fastest-growing franchised estate agency in SA. With almost 1,500 estate agents working under the various market centres (Keller Williams Select, Keller Williams Eden, Keller Williams Clockwork, etc) all our market centres, leadership and agents join forces to sell your property. If you are thinking about selling your property we can most certainly help. The good news is that we have almost 1,500 agents who will help you sell your property. And that’s with 1 board on your pavement. Keller Williams is all about creating a win-win solution for all our stakeholders across the value chain or the deal is off. Keller Williams is also able to boast internationally about leading the curve in terms of training, be that local or international. Click here to book your valuation.
Estate Agents – want to know more about KW?
Keller Williams (USA) is a top real estate brand to work for. If you are an estate agent and want to know a little more drop me an e-mail. If you would like to leverage world-class technology to the benefit of all our stakeholders across the value chain and end up with a win-win every time, then let’s touch base. Also, read what makes Keller Williams the best!
Get in touch
So, if you need a valuation done on a property anywhere in Randburg or elsewhere in Jhb, we can help. Give us a call on telephone number (064) 549-3123. Alternatively, drop us an e-mail at kwselect@kwsa.co.za. We have a vast network of almost 1,500 top Keller Williams agents at our fingertips who are all just dying for the opportunity to partner with you to sell and conclude your property transaction in record time.
If you want to view all the Keller Williams properties across the country, click on our website to start the search for your dream home. Need help getting a pre-approved homeloan, it’s free and our strategic partners will find you the best rate over 20 years! And finally, if you are thinking of putting your property on the market and need a free property valuation, click here!
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