Sections 6 and 7 of the Exchange Control Regulations provide that the purchase price must be paid to and received in South Africa. The proceeds of the sale have to be received in the Republic within 30 days after becoming so entitled.
One of the most important decisions to make, when signing an offer to purchase, is when should the Purchaser occupy?
The most common option, by far is: “occupation on transfer.”
The law still requires all offers to purchase/sale agreements to be physically signed in “wet ink”; meaning manually signed in liquid ink from a pen.
A recent Eastern Cape High Court Decision (Borcherds v Duxbury) has focused the law on the ever-increasing use of electronic agreements and e-signatures.
Unfortunately, the judgement, instead of giving clarity and guidance, introduces doubt and uncertainty into this fast-growing category of technology.
Did you know that the popular Offer to Purchase condition, “subject to the successful conclusion of the buyer’s sale” is not watertight and puts the buyer at risk?
Here we provide advice to the seller who wishes to sell privately. Carefully drafting a Private Sale Agreement can go a long way to creating a quick and trouble-free property transfer. The worst thing you can do is to just sign and hope for the best. You should first analyse the purchaser and then the …
Whilst you remain at home under the Government lockdown, you might be tempted to buy and sell, lease and rent properties online. This is what you need to know.
Q: To whom do I pay the deposit? A: Your deposit can be paid either to the estate agency or the conveyancers appointed to handle the transfer. They both have trust accounts where your money will be held pending the registration of transfer. Parties must stipulate in the offer to purchase where the deposit must …
You ask both purchasers what their best price will be and request them to sign an offer to purchase for that price. An offer without putting pen to paper should not be taken seriously and the purchaser should be requested to complete and sign a written offer to purchase. The Alienation of Land Act provides that …