HOW MUCH OF AN IMPACT DOES EDUCATION PLAY FROM A REAL ESTATE PRACTITIONER ’ S PERSPECTIVE IN GUIDING A CLIENT IN ORDER TO AVOID CANCELLING AN OFFER TO PURCHASE ?
Most of us definitely want to have successful sales every month , however , when one is desperate they do not think straight and make mistakes . Such mistakes are where the buyer or even the seller is not fully informed about all the specs of the sale , and they feel let down . It is therefore incumbent upon the property practitioner , to not assume that the client understands everything , but to do the sale in such a way that it is not just about clinching the deal but also imparting knowledge , because it ’ s their expertise .
There are many facets in a property transfer transaction , and the Offer To Purchase plays a big role in finalizing all initial agreements to the sale . The responsibility of the property practitioner is to explain thoroughly all the terms of the agreement , and the responsibility of the client is to ask as many questions as possible , and for all verbal agreements to be put to paper .
THE IMPORTANCE OF A CONSTANT LINK BETWEEN REAL ESTATE PRACTITIONERS AND PROPERTY ATTORNEYS IN MITIGATING SUCH INCIDENTS
I cannot stress this enough . There must always be constant communication and the property practitioner should lead in facilitating this information sharing . The office of the attorney and the real estate agency office administration can do only up to a certain point , and the property practitioner or their assistant , must ensure that both the buyer and the seller are well informed throughout the transaction . Most cancellations can be averted , even if the transaction takes long to complete , because all parties would understand why there are delays or long periods of waiting .
CONCLUDING REMARKS / ADVICE ON THE CANCELLATION OF AN OFFER TO PURCHASE AND WHAT POTENTIAL PROPERTY BUYERS SHOULD BE ON THE LOOKOUT FOR
For Buyers it is important that they understand all the costs involved , sometimes it is a sectional title , and this means over and above the monthly loan repayment , the buyer must have sufficient money for monthly costs . I also want to repeat the importance of writing things down , especially if these have the potential to negatively impact the sale .
Buyers must also understand the area , their neighbours , amenities etc , so that they do not go back to the property and see things they did not anticipate , and then try to withdraw from the sale , cancellation for these reasons could render the buyer liable for wasted costs and other possible claims .
We trust that now with the mandatory Disclosure Document , most buyers will be more alert to things they might not have been able to normally think about or detect upfront . So the document will help stretch the mind about what other questions to ask .
SA Real Estate Investor Magazine APRIL 2022 57