Offer to Purchase Explained (Part II)

The Offer to Purchase is an agreement that contains the terms and conditions for the purchase and sale of a property. Herewith some issues (continued) that must be agreed upon between all parties -

Occupational rent/interest
Occupational rent/interest is a monthly amount paid to the seller by the buyer, which allows the buyer to occupy the home before it is registered in his or her name. The rental price can be agreed on by both parties with the help of an agent. If the seller needs to stay in the home after it has been registered in the name of the buyer, he too will have to pay occupational rent/interest to the buyer, as he is now legally staying in the buyer’s home.

Fixtures and fittings
Both parties need to agree on what actually stays in the home and what goes with the seller. As a rule of thumb, anything that is nailed, glued or screwed down has to stay and everything else can go. Very often, the two parties will come to an arrangement about things like specially fitted curtains and pot plants that actually fit very well into the overall look of the home. Everything must be written into the contract, as if not stated it can lead to confusion down the line on what was promised and what was not.

Voetstoots clause

Property is sold "voetstoots" which means "as is" or "as it stands". Buyers need to take time to find out everything they need to know about the property they are purchasing before signing anything. They ought to visit the house regularly to make sure that they have not missed anything. If there is something that is bothering them about the house, it is essential they speak to their agent and get everything sorted out before signing the contract.

With compliments from the Remax Team