Real Estate Investor Magazine South Africa June 2014 | Page 34

LEGAL

BY MICHAEL PRINCE

Successful Property Transfers
Tips on how to reach the
point of Offer to Purchase

I

n residential property deals there is, says Wayne
Albutt, the Rawson Property Group’s Regional
Sales Manager for the Western Cape, a world of
difference between an Offer to Purchase and an
Agreement of Sale.
Once all terms and conditions have been agreed to
between the parties, i.e. the purchaser and the seller.
However, he says, this is not always recognised by
estate agents or the parties involved, nor do many
seem to understand that such agreements can prove
unsuccessful in many cases.
“The simple fact,” says Albutt, “is that some 70%
of Offers to Purchase do not result in a sale and only
just over 50% of Agreements of Sale, which require
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