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Putting in an offer to purchase is just one of the steps of the process when buying property in South Africa. However, there are certain offer to purchase conditions and pitfalls that buyers should be aware of. This article is part one of two, which discusses common pitfalls in offers to purchase in South Africa.
When a contract is subject to a suspensive condition then this contract only comes into effect once the condition has been met.
Due to the passing of the National Credit Act, the amendments to a bond clause have become a hot topic of discussion.
Regarding the first question raised, when a suspensive condition with limited time is included in a contract, the time limit is usually intended to be for the benefit of the seller, while a condition requiring a loan to be obtained is usually for the benefit of the purchaser.
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