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When is a property sales agreement valid?

Purchasing a property is a significant financial investment and there are a number of processes to complete before the sale can go through; from getting pre-approval for a home loan to submitting an offer to the seller, to finally signing the sales agreement.

"A valid sales agreement is binding once signed and can be used to protect either the buyer's or the seller's rights should either party be in breach in the future", explains Bruce Swain, CEO of Leapfrog Property Group.

Prior to drafting the sales agreement a buyer needs to present the seller with an offer to purchase. Once the seller has accepted and signed the offer to purchase the sales agreement can be finalised and signed by both parties.

"A qualified estate agent will be able to guide both parties through the sales process and the intricacies of a sales agreement. Every agreement is unique and it's important for both the buyer and seller to clarify any conditions, expectations and penalties up front", advises Swain.

Read more: When is a property sales agreement valid?

 
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Cape Town – Communications Minister Ayanda Dlodlo on Wednesday downplayed suggestions that government wants to create a so-called super presidency by having a hand in budgetary processes. During a media briefing following the Cabinet meeting, Dlodlo said Cabinet...

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Cape Town – South Africa’s radical economic transformation vision as articulated by President Jacob Zuma in his 2017 State of the Nation Address (SONA) is not just empty rhetoric, but a rigorous step towards building a prosperous country in which the Black...

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Johannesburg - Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking...

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Cape Town – Dissident ANC MP Dr Makhosi Khoza paid the price for her outspoken criticism of President Jacob Zuma when she was fired as...

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Cape Town - While Western Province might have plenty of young and inexperienced players among their ranks, lock Chris van Zyl says they’re still determined to chase the Currie Cup title this year.Western Province have a young squad competing this year’s...

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Cape Town - Springbok coach Allister Coetzee says picking Curwin Bosch for Saturday's Rugby Championship clash against Argentina in Port Elizabeth was a "must". Bosch has been named on the bench for the clash and is line for a Test debut having turned 20 in...

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