Your Property Partner Of The Season
Letter of Offer
This is a document issued to a buyer by a vendor who has expressed interest in purchasing a property. It contains:-
- Description of the property for sale,
- The price being offered by the vendor,
- Payment terms,
- Proposed closing date, and possession date,
- and other important details concerning the potential sale.
This letter is issued when the potential buyer has identified and inspected the property. In cases where the buyer is buying off-plan then he/she should have identified and inspected the location of the property. This letter could be used by a buyer when approaching a financial institution for financing.
Sale Agreement
This is a legally prepared document that comes after the buyer has deposited a commitment fee for the preferred asset. The terms and conditions of sale of the given property are clearly outlined in the document. These terms and conditions include:-
- The amount at which it is to be sold,
- Payment terms and,
- repercussions which outline terms laid out for cancellation and withdrawal.
Lawyers from both parties(buyer and vendor) should be present at the time of signing which should also have a witness. This document should be well-read and understood before signing because it is legally binding.
Certificate of Occupation
Also referred to as a Certificate of Practical Completion marks the point at which the contractor has completed his contractual obligations and the property can be handed to the client. The certificate of Occupation is signed by the contractor who certifies that the work is completed in accordance with the specified criteria for practical completion on the date stated, after which the Certificate of Occupation is then issued by the local authority who after inspection certifies that the property is safe for habitation. The buyer at this point needs to inspect the property and acknowledge that it conforms to what he saw at the point at which he signed the Offer Letter.
Title Deed/Lease Title
This is a Legal document executed and acknowledged under the seal and in the presence of a notary, evidencing the right of ownership to a property. This document constitutes evidence of a right, especially to ownership of property. The title is transferred to the name of the buyer upon full payment of the purchase price of the property and stamp duty.