03 Apr Is the door locked during lockdown?
Just over a week in lockdown, and many of us not working in essential services are trying to keep our schedules with as much “normality” as we can.
Those of you who might have been on the brink of either selling or buying a home, may have been left stranded between staying put, or making a move (not a physical one, ‘cause that aint legal now).
We’ve come up with a plan and we’ve been able to help our clients still buy and sell homes during lockdown…
Before we continue, a quick legal term for those of us who don’t know:
“A suspensive condition is a term or clause within a contract that clearly stipulates a particular criterion that must be met in order for the contract to come into force. Should the suspensive condition(s) not be met, the contract will be void.”
Now, back to our reality…
Problem: “I can’t view my dream home that I’ve found online”
Solution: Add a suspensive condition stating that the Offer to Purchase (“OTP”) is subject to the Purchaser viewing the property within 72 hours after termination of the National Lockdown as proclaimed by the President of South Africa, and further subject to the Purchasers having put in writing within 24 hours of such viewing, that they will honour the terms of the OTP, failing which the OTP shall lapse and shall be of no further cause and effect.
Seller and Buyer are both protected by entering into a conditional sale.
Now it’s online window (“house”) shopping time
By Alet Smit – Group Head of Marketing