SABWil Conveyancing: the First-time Buyer
Part 1 – Introduction and Signing the Offer to Purchase
First-time Buyer? Don’t panic!
Buying a property for the first time can be daunting, but it needn’t be a stressful experience. It helps to have a basic understanding of the conveyancing process, however, so that you are prepared to provide the transferring and bond attorneys with certain information or documentation when called upon to do so.
However, let’s start at the beginning of the property transaction, namely the Offer to Purchase.
Signing the Offer to Purchase
It is very important to read through the Offer to Purchase thoroughly and understand the implications of the different clauses before signing it. The Offer to Purchase is a legally binding document with consequences for the Buyer and, once accepted, also for the Seller. If any of the clauses in the agreement are unclear, you should feel free to ask the Estate Agent to explain them, or even obtain independent advice.
Remember: if there is anything specific in the property which you want the Seller to attend to as a condition of your Offer, you need to ensure that this is clearly stipulated in the agreement. There will usually be a clause with the heading “Special conditions” or something similar, most often towards the end of the document, where you can insert additional conditions.
Authoress: Conveyancer – Marlene Heppes