Let’s look at changing your mind after you signed an offer to purchase. The short answer is don’t! If you change your mind about the property you have signed for on the Offer to Purchase or OTP there are expensive implications if you do. The law dictates that the affected parties have a right to claim damages. This can be costly.
Is my Offer to Purchase Valid?
We recently covered this with an article you may want to consider. Click here.
Remember that:
- An Offer to Purchase is a valid and binding agreement.
- The OTP is valid and becomes legally binding when the offer or agreement is signed by both the buyer and the seller (both parties).
- Both parties (buyer and seller) are bound by the terms stipulated in the OTP.
- In the event of a default, the defaulting party or parties can be held liable for this default.
Free Advice
- Never sign an Offer to Purchase (OTP) or a Mandate if you do not intend to honour the agreement.
- This can be a costly exercise.
Get in Touch
If you need help, reach out. If you need to sell a property give us a ring or book a valuation in Johannesburg. Valuations are free of charge. Click here.
If you are planning on buying a property, we can help with a pre-approval. We also have a range of properties on offer, click here.
So, if you need a valuation done on a property anywhere in Randburg or elsewhere in SA, 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.
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