Document background
The Real Estate Offer To Purchase Contract is a crucial document in South African property transactions, serving as the primary agreement between a prospective buyer and property seller. This document is required under South African law, particularly the Alienation of Land Act 68 of 1981, which mandates that all property sales agreements must be in writing. It is used at the initial stage of a property transaction when a buyer wishes to formalize their intention to purchase a property. The contract includes essential elements such as party details, property description, purchase price, payment terms, transfer conditions, and various compliance requirements. It may also contain suspensive conditions such as bond approval or the sale of another property. The document must comply with various South African legislation including the Consumer Protection Act, Transfer Duty Act, and where applicable, sectional title regulations.
