subject: Middle of an Offer to Purchase on Your Property [print this page] Middle of an Offer to Purchase on Your Property
Congratulations! But don't pop the champagne cork just yet!
Familiarise yourself with the written document that has been provided to you, read it carefully and ask questions that come to your mind. Do not sign under pressure from the estate agent and give yourself at least 36 hours to examine and carefully read the whole document.
Ask questions from your real estate agent and obtain legal advice from the conveyancer if there are any uncertainties. Remember, it is the seller's legal right to nominate a conveyancer and hiring a conveyancer is important for your own safety when selling a property.
You should question the agent regarding the purchaser's financial status and the agent should be able to confirm that purchaser is neither blacklisted nor a bad credit record holder. Confirm credibility regarding a deposit payment and also a documented date whereby the same needs to be paid. Determine a date (on the contract) regarding bond approval (be careful of the fine print extending this time frame).
Be sure that the sale of your property is not dependant on the sale of another property by the purchaser (unless by mutual agreement). Be careful regarding the special terms and conditions in the agreement of property selling, these (if not strictly adhered to) could nullify the sale of your property.
Do not agree to occupation prior to the written bond approval. Once all your questions have been answered and you have peace of mind, you may sign the document in acceptance of the offer to purchase on your property. Insist on regular updates from the estate agent regarding bond approval. Should the bond grant take longer than stipulated in the contract, there should be valid reasons and if you agree upon an extension to the nominated date, this should be in writing and signed by all the relevant parties.
Finally, bond approval, also known as, Final Grant, is another step closer to concluding the sale of your property. Query the Final Grant to establish if there are any special terms and conditions therein and whether the purchaser is able to fulfil these conditions. Be sure that the purchaser accepts and signs the Final Grant. Confirm whether the conveyancer or bond attorney has received the instruction from the financial institution regarding the bond.
Have a working relationship with the conveyancer. You, the seller, employing both the conveyancer and the agent should communicate with them regularly and insist upon updates. For example, to establish whether the purchaser has paid the deposit (if called for) and whether the purchaser has signed all the relevant documents. A copy of the offer to purchase must be delivered to you within 24 hours. Once the bond has been granted and all other conditions have been fulfilled, the offer to purchase becomes a legal and binding agreement of property sale. If a party default or be in breach of contract, legal steps are to be taken. Make sure that this condition is specified in the contract.
Obtain an electrical compliance certificate and forward it to the conveyancer. Insist on regular updates regarding the progress of the transaction from the agent and the conveyancer. Instruct the conveyancer to notify you immediately when they are ready to submit the transaction to the Deeds Office.
Once this is done, registration of transfer should take place within approximately 10 working days
Order the champagne its party time!
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