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Both the purchaser and the seller sign the agreement once the offer has been accepted. Once both parties have signed the OTP, it becomes a legally binding contract. This requires both parties to fulfil their individual responsibilities as specified in the agreement.
When a house or a structure is built on immovable property the law requires the plans to be drawn up in a particular manner and approved by the relevant Local Authority with jurisdiction.
The Offer to Purchase needs to contain all the terms the the parties agree to, such as date of occupation, occupational rent, fixtures and fittings and other conditions of sale.
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