Corena Botha - Estate Agent - Corena Sells Homes

An offer to purchase (OTP) is the document governing the sale agreement of a property between the buyer and seller. It is a legally binding contract, so it is important to take your time and complete it accurately. What's the difference? ​ An Offer to Purchase is exactly that - an offer from a buyer to a seller and not yet signed or "agreed upon" by the seller. Once the seller has accepted the offer, it is legally binding and becomes an "Agreement of Sale", also known as the Deed of Sale. Signing an OTP Step 1. Get your finances in order Do a bit of research into the sales prices of similar properties in the area and ensure that you have set aside the funds you require for your deposit, transfer and bond registration costs. Obtain a bond pre-approval in the price range that you’re looking at when you’ve decided that you are ready to make an offer. Step 2. Declare your offer Let the seller or estate agent know you are interested in making an offer and be encourag...

With volatile interest rates, a soaring cost of living, and an overall challenging economic outlook for the foreseeable future, sharing the costs of getting into the property market seems like a perfect solution for many South Africans. For married couples, entering into a purchase jointly may be entirely natural, with any unforeseen circumstances being covered by pre-nuptial agreements, as long as you’ve thought through your marriage contract carefully. But when friends, siblings, parents, and children, or an unmarried couple enter into such an arrangement, it is just as important to ensure a watertight contract is in place to cover all eventualities. “We should never be lulled into a false sense of security because we are related or in love with our purchasing partner; life may throw any of us a curved ball at any time and the circumstances of one or other or both the partners may change,” says Andrea Tucker, Director of MortgageMe. “Drawing up a partnership agreement may not feel ve...