Do not assume an offer to purchase is perfect just because an estate agent presents it to you. Likewise, as a buyer, do not sign on the offer to purchase before having your attorney review the agreement. As part of our comprehensive range of lawyer services in Gauteng, we provide assistance in drafting and reviewing deed of sale agreements. Such agreements can be for businesses or for residential properties.
Due to the nature of property transactions, it is essential to understand every clause in the deed of sale/offer to purchase agreement. When you make use of our lawyer services in Gauteng, you can be assured that we will not miss important details, whether it is in the drafting of an agreement or reviewing of such a contract.
To give you an indication of how our lawyer services in this regard are to your benefit, we briefly look at one of the aspects which must be covered in an offer to purchase agreement.
Who Are the Parties to the Contract?
The agreement must stipulate the identities of the parties involved in the property sale. Keep in mind that the seller does not have to be the owner to sell the property. Indeed, the seller can resell the property even before he has taken transfer of it, if he is allowed to resell the property. Should this be the case, it must be fully disclosed in the agreement.
There must be no doubt as to who the owner of the property is and it must be stipulated that the property transfer to the buyer cannot be completed before the seller has taken transfer of the said property. We highly recommend making use of our lawyer services in Gauteng regarding such stipulations to prevent misunderstandings and illegal agreements.
A property sale can take place even if the buyer or seller does not have contractual capacity to sign such an agreement. The party’s name must be stipulated in the sale agreement, as well as the guardian or person who assists the party. Where a person enters a sale agreement on behalf of a company, it is important to state the name of the company, as well as the name of the representative who is authorised to enter into the sale agreement on behalf of the company. Although it is not compulsory, it is recommended that the contact numbers of the parties to the agreement are included.
The identities of the parties involved are, but one aspect of the sale agreement. Every element of the contract must be in accordance with the law and must be clear to prevent misunderstandings. Let our team assist you in drafting the deed of sale or in reviewing it.
Disclaimer: This article is for information purposes only and does not constitute legal advice. Call on our attorneys for legal advice, rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing – March 2018.