Offer to Purchase
What is an Offer to Purchase?
An offer to purchase is the contract that is essentially an offer (made by the purchaser) which has been accepted (by the seller).The Validity of an Offer to Purchase
For an offer to purchase immovable property to be valid, it must:- be in writing and be signed by the purchaser or his duly authorised representative;
- state the essential terms of the proposed agreement, and all other material terms, i.e. those terms which can '˜make or break the deal;
- be brought to the attention of the seller.
- if the offer to purchase states a specific expiry date and the seller has not accepted if by that date;
- if the purchaser exercises his rights under the '˜cooling-off clause;
- if the seller rejects it out of hand or makes a counter-offer;
- if either the purchaser or the seller dies before the offer has been accepted.
- be in writing and be signed by the seller or his authorised representative;
- be unambiguous, and be intended to be binding on the seller;
- be brought to the attention of the purchaser.
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