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When does the sale become finalized?
As soon as the seller signs the offer to purchase, acceptance of
your offer formally takes place. The document now becomes a valid
agreement of sale and no further formalities are needed to finalise
the deal. Until the seller actually signs the offer, no contract
exists.
Can
I withdraw my offer after signing it?
The offer will have a period of time for acceptance by the seller,
usually a few days after you have signed it. Until this period expires
you cannot withdraw it - the offer is irrevocable. The seller may
accept the offer at any time during the specified period.
How
long does the seller have to respond?
This will depend on the time period you are prepared to allow him
to do so. Your agent will guide you on this, but you should not
allow the seller more than a few days to accept or revoke the offer.
If nothing happens during this period your offer will lapse.
Can
the seller accept the offer conditionally?
Yes, he may, but he is effectively making a counter-offer to you
and the sale will only be finalised if and when you are prepared
to accept his terms. These can be negotiated through your agent.
No sale will actually exist until you both agree on all its terms.
Can
the estate agent withhold the offer?
No. Once you have signed an offer to purchase which has been drawn
up by an estate agent, the agent is compelled to submit it to the
seller forthwith. Your agent may not withhold it if he/she gets
a better offer immediately after yours or present that offer first.
What
if the seller receives two offers simultaneously?
If two different agents bring offers from two different prospective
purchasers at the same time, the seller has complete freedom either
to reject both offers or to accept the one he prefers and reject
the other. He does not have to give either of them preferent attention.
Must
he sell to me if I offer his asking price?
No. Even if the seller has given a mandated selling price to an
agent he is not obliged to accept an offer at this price. You are
the one making the offer, not him. If he rejects it he may still
be liable to the agent for commission as the agent will have completed
his/her mandate.
Is
a verbal acceptance by the seller enforceable?
No. Even if he phones you and says he is accepting your offer but
then changes his mind and does not sign, no contract will exist.
By law all property sales must be reduced to writing and signed
by both parties before a valid agreement of sale takes place.
Can
the seller accept the offer after the expiry date?
Not unless you are still willing to buy his property and you are
willing to sign an addendum extending the acceptance date. Otherwise
the offer will lapse automatically once the stipulated period expires
and the seller has not formally accepted the offer.
Can
the seller reject the offer and then change his mind?
No, definitely not. If he advises you or the estate agent, before
the expiry date, that he is not willing to accept your offer, then
he is deemed to have formally rejected it. He may not thereafter
change his mind and accept it without your consent.
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