Free offer to purchase template- Sample, forms, other information

 

When searching for your dream home, you will inevitably have to put forward a bid through an offer to purchase template.

For the purposes of convenience and saving time, we have gathered a couple of templates. But first, let us get you started on the basics of the document so you know exactly which one works for you.

What is an offer to purchase in South Africa? It is a document that the potential buyer of property presents to a seller to express interest in purchasing a property.

After studying its terms and conditions, the seller then has to decide whether to accept or decline the proposition. Acceptance is by placing their signature on the document as required.

Can you change your mind after making an offer on a house?

The short answer is no. Once the seller has accepted the proposition and signed the document, it becomes legally binding and you cannot pull out of it at will. This means that failure to adhere to the terms set in it constitutes a breach of contract and the seller is allowed to pursue legal action against you.

How long is an offer to purchase valid?

As a rule, there are four instances where an offer to purchase becomes invalid. They are the following:

When the buyer revokes the offer

The buyer is free to, at any time and at their own will, revoke the offer after presenting to it but before it has been signed and accepted. Remember, it only becomes legally binding upon the seller’s acceptance.

When the seller rejects the offer

If the seller reads the terms and conditions of the offer and decides they are not to their liking, they can reject the offer. This means that it never becomes legally binding.

When the time specified on the offer lapses

The offer to purchase document usually includes a section where the potential buyer can specify the amount of time the seller has to accept the offer before they automatically revoke it. If and when the time stipulated has lapsed, the offer becomes null and void. If the seller were to sign it afterwards, it would not be legally binding.

When either party dies

If either the potential buyer or seller passes away before the offer is signed, it automatically becomes null and void. However, if death occurs after the document has been signed and become legally binding, the responsibility of the deceased are passed down to their estate.

How do I complete an offer to purchase?

When filling in the details on an offer to purchase form you should check to make sure the following information is present and correct:

  • The buyer’s details
  • The commission owed to the agent of the estate or broker as agreed upon by the parties involved
  • The occupation date – this refers to when the seller is expected to vacate and buyer moves to occupy the property
  • The occupational rent – this refers to the rent that the buyer pays before fully paying off the price of the property while occupying it
  • The price of the property
  • The property’s information as it is described on its title deed
  • The seller’s details
  • The special conditions if any exist

When filling or completing the offer to purchase, follow these guidelines:

  • Mistakes do not void make the contract – they can be corrected through unambiguous and clearly worded amendments, but it is advised that both parties formally acknowledge the changes by initialling next to them on the document.
  • All blank spaces must either be filled in or deleted from the document.
  • Clauses that are irrelevant must be deleted from the document.
  • To avoid confusion or outright invalidation, the phrase “To be agreed upon” should not be used to fill in any blank space.
  • If the Special Conditions section provided to include additional clauses is insufficient, the parties could continue on a separate distinctly marked/titled document known as an annexure. The original section must mention the other document concisely.

Offer to purchase template South Africa As promised, here are some offer to purchase form free download options:

  • Template 1
  • Template 2 – contains an offer to purchase template South Africa Word (.doc) and PDF format options before downloading
  • Template 3
  • Template 4
  • Template 5

There is also a separate download for the annexures.

Go through each letter of offer to purchase property template to find the sample best tailored to your individual needs as you have determined from reading the full article. Be sure to read them all the way through to familiarize yourself with all the provisions, clauses, and more in order to avoid further complications.

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