Megan Tromp Tromp

An Offer to Purchase (OTP) is a legally binding agreement between a buyer and a seller in a property transaction. Once both parties sign the OTP, it finalizes the terms of sale, including the purchase price, property description, and any special conditions. Buyers can withdraw under certain conditions, but doing so without meeting the terms may lead to penalties. It’s crucial for both buyers and sellers to review the document carefully before signing to avoid legal and financial complications.

When homeowners decide to sell their property, one important question arises: should you buy a new home before selling your current one, or sell first and then buy? This decision depends on various factors, such as whether you’re moving locally or to another province or country, whether you have children in school, and the need for a deposit.

Rental growth in South Africa surged in Q2 2024, reaching its highest post-pandemic levels. The PayProp Rental Index shows year-on-year growth peaked at 5.2% in June, outpacing inflation for the first time in five years. While tenants face rising debt burdens, landlords and rental agents are seeing real-terms returns improve, signaling a potential recovery for the sector. Provinces like the Western Cape are leading the way, with rental growth hitting 11.7% – the fastest since 2017.