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7 things every OTP should include

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You've found a property that ticks all your boxes and you're ready to submit your Offer to Purchase (OTP). You should read your OTP carefully and make sure you understand everything it says. Speak to an attorney or estate agent if you are unsure of anything - now is the time to ask! Once you and the seller have both signed, the OTP becomes legally binding and constitutes a Deed of Sale. At that point, changing your mind and backing out could lead to financial penalties.

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<p class="has-lightblue-700-color has-text-color has-small-font-size">You've found a property that ticks all your boxes and you're ready to submit your Offer to Purchase (OTP). You should read your OTP carefully and make sure you understand everything it says. Speak to an attorney or estate agent if you are unsure of anything - now is the time to ask! Once you and the seller have both signed, the OTP becomes legally binding and constitutes a Deed of Sale. At that point, changing your mind and backing out could lead to financial penalties.</p>

The&nbsp;<a href="https://www.betterbond.co.za/learn/7-things-every-otp-should-include" target="_blank" rel="noreferrer noopener">OTP</a>&nbsp;is an agreement between buyer and seller. It sets out the terms and conditions of the sale and it forms the foundation of the transaction. It should be drawn up by an attorney or <a href="https://bb-website-prod-wp.azurewebsites.net/homeowners-cover/">estate agent</a>- and must include:

<p>The&nbsp;<a href="https://www.betterbond.co.za/learn/7-things-every-otp-should-include" target="_blank" rel="noreferrer noopener">OTP</a>&nbsp;is an agreement between buyer and seller. It sets out the terms and conditions of the sale and it forms the foundation of the transaction. It should be drawn up by an attorney or <a href="https://bb-website-prod-wp.azurewebsites.net/homeowners-cover/">estate agent</a>- and must include:</p>

<ul class="wp-block-list">
<li>Buyer and seller's correct details</li>



<li>Same description of the property as on the Title Deed</li>



<li>Price being offered by the buyer</li>



<li>Occupation date and occupational rent</li>



<li>Special conditions</li>



<li>List of fixtures and fittings (what is staying and what is going)</li>



<li>Full list of defects</li>
</ul>

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<li>Buyer and seller's correct details</li>

<li>Same description of the property as on the Title Deed</li>

<li>Price being offered by the buyer</li>

<li>Occupation date and occupational rent</li>

<li>List of fixtures and fittings (what is staying and what is going)</li>

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