12 REI MAGAZINE JULY
Legal question in respect of a fair Offer to Purchase ( OTP ) on a property
Meet our guest expert
BRUNO SIMAO
Founder & Managing Partner :
BSA Law
Question from Property Owner :
An Offer to Purchase ( OTP ) was made on my property in the name of a Company , with only one individual ’ s personal ID and contact information provided facilitated by an estate agent . There was no mention of a second director , and it was signed by a witness . The agent also presented a pre-approval in their personal capacity indicating the buyer could qualify for a bond .
Assuming proper internal management formalities , we accepted the offer by May 10 , 2024 , with bond approval as the only suspensive condition 6 days later , the estate agent revealed his wife , now introduced as a second director , is refusing to sign . Without her signature , he cannot apply for the bond . She did not even view the house . With significant doubts about this transaction ’ s validity , what are our rights to demand performance and legal documentation of the company ’ s authority to ensure our rights as sellers are protected ? Shouldn ’ t estate agents have verified these formalities before presenting the OTP for signature ?