The ink is dry on the final signature on your offer to purchase (OTP) ..
Category CEO's Message
The ink is dry on the final signature on your offer to purchase (OTP); it's time for a celebration ......or is it?
At Tyson Properties, our agents will explain to you that this is the beginning of a detailed process. In fact, an accepted offer is just the beginning of a secondary process that requires a great deal of planning and attention to detail.
The OTP contract that you sign will detail timelines and clearly set out the obligations of both the buyer and the seller ahead of the ultimate transfer. If you are uncertain about anything, contact your Tyson Properties agent who will advise you on the way forward.
From the outset, ask your agent about the buying process and what documents will need to be in place to make sure that all the paperwork is processed smoothly. If you make sure that your tax affairs are in order and that you have all those necessary documents (like marriage certificates and ID documents) that have a habit of disappearing at the last moment, things will be much easier.
The same goes for your bond application. Crunch your numbers so that you know exactly what deposit you can afford and what repayment is practical. Check your credit rating and even try to have a pre-approved bond in place as this will give you a great deal more negotiating power. Your Tyson agent will be able to put you in touch with one of our mortgage originators to help with this.
Whilst on the subject of documents, buyers must ensure that, when called by the transferring attorneys to sign documents or perform on a contractual obligation,that they act with good intention and within the stipulated time period.
At Tyson Properties, we always advise buyers not to add demands post contract. Buyers who keep on coming back with further requirements often put themselves in an awkward position with the seller who is unlikely to want to change the terms and conditions at the last minute.
Even if a seller does, this will cause unnecessary delays as any changes to the contract will require an addendum signed by all parties.
More importantly, don't negotiate outside the contract as this could put you, as a buyer, at risk. A good example is when a buyer approaches a seller to start repairs or renovations to a home ahead of the final transfer. The seller agrees and the buyer starts work. A few weeks later, the sale crashes. Because the agreement to renovate was not included in the contract, the buyer cannot claim back any money spent!
Additionally you must realise that, unless you are purchasing off plan, any home that has been lived in may have minor issues that will need to be rectified. Believe me, I have seen many unpleasant court cases occur over very simple issues which are normally not worth the expense and aggravation.
Instead, make it your mission to cultivate a good relationship with the former owner of your home. Be tactful and don't be outspoken about your intended changes. Perhaps ask for advice when it comes to things like neighbourhood security, pool care or forwarding mail. In that way, if you have any glitches, you have an experienced advisor to help you out.
Author: Tyson Properties
