Page 12 - Selling your Home - The CommFREE guide to all you need to know

A STEP-BY-STEP GUIDE TO

FINALISING THE SALE

AGREEMENT

1. A buyer that wishes to purchase your property needs to sign an Offer to Purchase or
Sale Agreement, which will become legally binding once signed. If you are trying to
sell your home privately, it is a good idea to get your conveyancing attorney involved
before you sign.

2. An Offer to Purchase document will state the amount that the buyer is willing to pay
and any restrictions and suspensive or resolute conditions that may apply to the
offer. For example, the offer may be valid for only a certain period or it may be
subject to the buyer getting an approved bond from a bank (very common).

3. To avoid misunderstandings later, it is also essential to specifically state articles that
will or won’t be included in the sale – permanent fixtures and fittings are included,
but sometimes things like chandeliers, curtains, satellite dishes etc. can be the cause
for disagreement between the parties. If there could be doubt, make specific

reference to these types of items in the legal document.

4. Many buyers have trouble getting bonds from banks in South Africa, and this can
cause a potential property sale to fall through. Most estate agents will offer to assist
the buyer to get a bond by submitting a request to a mortgage originator. The
mortgage originator sends an application for a bond to multiple banks.

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12 Title of the book
The CommFREE Guide to Selling your Home