Should I accept offer subject to sale?

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. 

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