I signed an offer to purchase a property...

Asked by Raji on 02-02-2022 07:40:44
Question posted in the Property Law category relating to Mpumalanga

I signed an offer to purchase a property and was granted 28 days to get approval from the bank for the purchase. However, the 28 days given to me expired on January 12 before the bank approved the loan. Since I did not sign an extended offer to purchase with the property before the signed offer to purchase expired (after the 28 days), am I still bond to the terms of the expired offer to purchase?

Message from the Lawyer

Posted by Att. Patrick on 08-02-2022 20:59:46

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.

If the granting of the bond was a condition in the OTP, and you didn't fulfil that condition, then normal the OTP would be null and void and you would be 100% released from the OTP.

Att. Patrick 

Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!

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