Buyers must ensure they are ready to move forward with the purchase because they cannot just back out once they make an offer. A cooling off period would only apply if the purchase price is below R250 000. Although exceptionally rare, a cooling off period can be included by mutual agreement between seller and buyer.
It is common for offers to be made subject to certain suspensive conditions, usually securing a mortgage loan or selling another property. If these are not fulfilled by the stipulated date, which can be extended by agreement, the offer will lapse.
The risk for the seller is that these conditions might not be fulfilled leaving him without a buyer. The inclusion of the “72-hour clause” allows the seller to continue marketing the property. If a better offer comes along, the buyer is given an opportunity to waive the suspensive conditions, failing which, the offer will be rendered null and void and the seller can sign a deal with the new buyer.
Fixtures are deemed part of the property while fittings are not permanently affixed and could be removed by the seller. Buyers must check whether any items are excluded such as hanging mirrors, chandeliers, pot plants and so on to avoid later disappointment. Stipulate anything which you might like to remain for the seller’s consideration.
Inspect the property thoroughly before signing the offer. Van der Linde says further that the buyer must take care regarding the condition of the property. Request a property condition report which should be attached as an addendum to the agreement of sale and note what disclosures have been made by the seller, he says further.
If there is an undertaking by the seller to repair anything, make sure that the agreement clearly spells out what has to be repaired, at who is cost and by when the repairs must be finalised. It is preferable that these be done before the offer is presented or before transfer to avoid later issues.
Occupation is usually on registration of transfer, but you can negotiate early occupation and include that with the relevant occupational rent to be paid in the contract.
The agent should also provide you with a schedule of estimated transfer and bond registration costs. You will need this cash available upfront so that it can be paid without delay upon request from the relevant attorneys.
Courtesy of SA Property Insider | SEEFF