Buyers must have a more serious approach to contracts
Probably the most complex written contract we are likely to enter into in our personal capacity, is a contract in terms of whether we buy or sell a residential property.
Call it by any name you may choose – an Offer to Purchase or simply an offer, a sale, a deal or whatever – it is a contract, which has serious legal consequences for both sellers and buyers alike. An unfortunate trend which estate agents see more often is an attitude by buyers which dismisses written offers as just part of a process which can be bypassed.
All too often the real-estate industry and sellers are faced with buyers who see no real value or consequence in a signature which commits them to the purchase of a property.
There is an overwhelming element of arrogance or laissez faire – tinged with cynicism founded in turn on a principle of little regard for our civil judicial process.
While most buyers who put pen to paper do so with serious and sincere intent, there are far too many who think they know the frailties of the system and who proudly display a “devil may care” approach to contractual obligations which flow from signing an offer to purchase a property.
Estate agents cannot escape responsibility and accountability for allowing free rein to such persons. It is our duty to inform buyers of the meaning and consequence/s of making written offers to purchase property. Buyers, in particular, need to understand the legal consequences of concluding contracts in terms of which they buy property. It is disingenuous (or is it simply bad advice?) for a buyer to protest that he or she has had a change of heart – or that “the bank didn’t agree with the value” but still granted the loan upon which the contract was conditional.
“Caveat emptor” – beware the buyer. Buyers must enter into written contracts with the appropriate level of commitment and understanding of the consequences – losing deposits, being sued for damages and/or being forced by court order to pay and take transfer.
In instances where buyers deliberately frustrate the grant of a loan which is a condition of the sale, the courts will rule that it is deemed to be fulfilled and the seller can enforce the sale.
Sellers need to be far more prudent in choosing agents to market their property. Choose one who will qualify your buyer – don’t choose an agent who promises the highest price at the lowest cost in terms of commission.
We are all willing buyers – part of human nature to aspire for house and home – but are we able and sincere? Employ an agent who looks after your interests as a seller by qualifying and properly advising buyers.
