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“ the course of the homebuying journey many buyers find themselves intimidated by the legal aspect of the property transfer process and think ‘ I ’ ll just leave that to the lawyers ’,” explains Jackie Smith , Head of Buyers Trust , a safe and secure bank-hosted deposit solution for homebuyers and subsidiary of ooba Group .
“ And while it ’ s unrealistic to expect every buyer to become a legal expert overnight , it ’ s crucial that they familiarise themselves with their basic legal obligations prior to making an offer on a home .” professional can help identify any clauses that may unfairly disadvantage the buyer .”
Once the OTP is signed and accepted , the seller appoints a conveyancing attorney to begin the legal process of transferring ownership to the buyer . This service includes the preparation and gathering of all documents required to finalise registration of the sale once it is lodged with the Deeds Office , so that the new ownership is legally recognised by the government .
The offer to purchase or OTP is where the legalities of purchasing a home begin in earnest . The potential homebuyer should have a clear understanding of the document and have had read it through carefully prior to signing on the dotted line .
“ If possible , ask a legal professional or someone who has purchased a home before whom you trust to review the document , before signing . Remember , this document is a legally binding deed of sale and cannot be easily changed ,” urges Smith . “ A legal
63 APRIL / MAY 2023 SA Real Estate Investor Magazine