Should I Accept Offer Subject to Sale?

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07 Jun 2013

A Property24 reader asks:

A Property24 reader says he is selling his property but the buyer has made the offer subject to selling his home first. What should he do?

I want to accept an offer on my home for sale, but the buyer has made the offer subject to selling his home first. What if it takes a long time for him to sell his property and someone else comes along and wants to buy my home? I don’t want to lose this buyer, what can I do? 

Francois Venter, Director at Jawitz Properties, advises:

I would advise that you include an annexure in the offer to purchase that allows you to continue marketing your property, after accepting the offer. 

You will add on a ‘right to continue marketing’ annexure which will mean that if you get a second offer, you will only be obligated to give the first buyer 72 hours’ (actual hours, not business hours) notice. This will allow him to improve his offer or remove any suspensive conditions on his offer, or you can legally ‘gazump’ him by accepting the second offer.

Readers may submit questions to Property24’s Guest Expert panel and/or comment below. We may not be able to answer all questions received, but all will be considered. 

About the Author
Francois Venter

Francois Venter

Francois is a Director of Jawitz Properties (Pty) Ltd. He began his career in real estate in 1995, when he joined TL Botha Properties in the Northern Suburbs of Cape Town. He then moved to the UK where he worked for 6 years in the real estate industry, returning to SA in October 2003. He joined Jawitz Properties in April 2004, and moved to Cape Town in January 2007 to spearhead Jawitz’ expansion into the Western & Eastern Cape. He was appointed Group Director of Jawitz Properties in July 2011. He believes in life and in business your attitude will determine your altitude. His biggest passions are his family, surfing, swimming and property.

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