Property deals in South Africa must be in writing and signed by both parties. (By “property”, in this app, we mean “immovable property”; land and buildings and the ownership and rights that affect these.)
- Leases for less than a ten year period and most South African contracts can be concluded on a handshake. Discussion around leases is a separate topic and we don’t cover that in this app.
- But in South Africa, immovable property can’t be bought or sold on a handshake.
- The offer document is not a stepping-stone to the final agreement. It is in fact the final agreement once it is signed by all signatories. Don’t be tempted to put in a quick and rough “offer” on the assumption that the real agreement will be signed later.
- If changes are made during negotiation, we suggest that new version be signed and not just initialled by all the parties.
- If you receive an offer that is not quite to your liking and you change some of the contract, you are making a counter-offer and no agreement exists until that version is signed by the other party.
- Remember to set a time limit for that party to accept your counter-offer.
- If an agreement is already final but needs to be changed because both parties have agreed that the change should be made, then sign an “addendum”, a separate document which records the changes to the original document.
