Multiple interested buyers on a property, what now?

Author

Kruger Attorneys & Conveyancers Inc

Sellers are sometimes confronted with an uneasy situation where more than one buyer is interested in their property. The following questions have to be considered: _1\. Has the Seller accepted an offer subject to suspensive conditions. If yes, then ask: 1.1 Has the Buyer on the initial offer complied with the suspensive conditions of the Offer to Purchase such as securing a bond. If yes, then no further offer may be taken but if no, then ask: _2\. Do the terms of the agreement allow for continued marketing and a competing offer to be taken? 2.1 If yes, the Seller can take a competing offer, which allows for the Competing Buyer to fulfil their suspensive conditions. Once done, notice has to be given to the initial Buyer to fulfil or waive their suspensive conditions within the timeframe specified, failing which, the Seller has the option to proceed with the Competing Buyer. Once the buyer has obtained a bond and fulfilled any other suspensive condition, the Seller won’t be able to sell the property to anybody else. The Offer to Purchase is then binding upon the Parties. _By Nathan Van Zyl from Kruger Attorneys & Conveyancers Inc___

Seller Property News

Market & Opinion

Avoid These Costly Home-Selling Mistakes

25 Feb 2025

Selling a property is a complex process that requires careful planning and execution. While some minor mistakes may not significantly impact a sale in a strong seller’s market, serious errors can derail a transaction entirely. In a tougher market, even small missteps can prove costly.

Market & Opinion

Prepare for these costs when selling your property

20 Feb 2025

Selling your property comes with several costs that homeowners should prepare for. These include bond cancellation fees, compliance certificates (electrical, plumbing, gas, beetle, and electric fencing), and advance payments for rates, taxes, and levies. Sellers must also account for estate agent commission, potential Capital Gains Tax, and moving costs. Planning ahead can help you avoid unexpected expenses and ensure a smooth property transfer. Read our full guide to understand each cost in detail.

Market & Opinion

The reality of selling a home - common misconceptions debunked

05 Feb 2025

Selling a home for the first time can be a daunting process, especially with the abundance of well-intentioned advice from family and friends. While guidance from loved ones can be helpful, it often leads to misconceptions about the home-selling process. With so much information available, it’s essential to separate fact from fiction to ensure a smooth and successful sale.

Market & Opinion

The property market: slow recovery, but positive momentum

30 Jan 2025

The South African housing market is showing some promising signs of recovery, but it's not quite smooth sailing just yet. According to the latest FNB House Price Index (HPI), house price growth remains slow, clocking in at just 0.9% in December. That’s slightly down from 1.0% in November, bringing the annual average to 0.8%—a dip from the 1.5% recorded in 2023. While this may seem underwhelming, it’s in line with expert predictions.