SELLER TIP#2: THE OFFER TO PURCHASE BECOMES THE DEED OF SALE ONCE YOU ACCEPT IT IN WRITING
PUBLISHED 28 JUL 2016
By signing an offer to purchase, you become party to a binding legal document. It is thus imperative that you take note of certain key aspects before accepting the offer to purchase. It is of the utmost importance that you scrutinise the offer in detail before you accept it.
The offer to purchase made to you by the purchaser becomes the deed of sale once you accept it in writing. This deed of sale then becomes the instruction and mandate given by the parties to the transferring attorney who cannot deviate from it. Apart from scrutinising the offer before you accept it, it is also important to bear in mind the following:
Most offers to purchase contain a clause that stipulates that the deed of sale constitutes the complete and only agreement between the seller and purchaser. You should therefore not accept or give any verbal undertakings as these will be unenforceable.
Furthermore, most offers to purchase will also contain a clause that stipulates that amendments and variations to the deed of sale must be in writing and signed by both parties before it is valid.
No verbal amendments or variations to the deed of sale will therefore be enforceable. Should you wish to amend certain clauses in the deed of sale, your estate agent and/or attorney will gladly assist you with the necessary addendum.