The Homeowners Association (HOC) With security a factor that is influencing home-buying decisions in South Africa, many buyers are choosing to purchase homes within boomed-off areas or secure lifestyle estates. Unlike a body corporate which manages a sectional title development, in a homeowners' association, each member owns the house and the erf or plot on which the home is situated. Usually...
Legal Domicile A legal domicile address is an address where the seller or the purchaser currently resides and where the sheriff of the court can deliver any notice. These details must be comprehensively filled in on pages 7 & 8. As a Practitioner, you are responsible for ensuring all parties have completed these pages in full. If there is missing information, obtain the information and...
Getting an offer to purchase signed may seem like a simple matter, but issues arise from time to time, and they need to be addressed. In this letter, I will deal with witnessing an OTP, initialling on each page, and whether an OTP can be signed electronically. Witnessing a Sale Agreement When conveyancers draw private sale agreements, they usually ensure that two witnesses sign the agreement for...
FICA Information The party’s information pages are part of the offer to purchase and need to be comprehensively completed. In contract law, it is essential to establish the identities of the parties, including their full names, identity numbers, residential addresses, email addresses, fax numbers, and cell numbers to which notices can be delivered, as per the contract. The new FIC Act...
When does the sale become finalised? As soon as the Seller has signed the offer to purchase, the sales have been finalised and become a valid agreement of sale. Until the Seller has actually signed the offer, no sale exists. If the Seller makes any changes to the contract, it then becomes a counteroffer, and the sale will only become valid once the Purchaser has accepted the changes. Until the...