Adding a 48 hour clause after signing an OTP

[Ngabs]

Hi there,

Both myself and the seller of a house signed the OTP, we got the bond approved and transfer cost ready, a week later we get a annexure document from the sellers attorneys saying that we need sign the annexure for a 48 hour clause, it essentially says that the seller can accept higher offers and that we have 48 hours to counter the offer or otherwise the contract is void.

Getting an annexure after signing everything seems fishy? As though the buyer recieved a higher offer and wants to back out of our offer.

Is this legal?

 

[biometrics]

Don't sign. Continue with the deal.

 

[Arthur]

You can freely agree to incorporate the annexure if that's the way you want to change your agreement. Or you can ignore it and leave the contract as is. But there's no way you are obliged to do so. Don't let lawyers bamboozle or pressure you into signing anything you don't freely agree to.

 

[SauRoNZA]

Just ignore, pretty obvious they want to screw you with a higher offer.

More confusing though is when are these 48H supposed to start? Sounds like 48 hours have already elapsed since you originally signed since you had to get bond approval and such in place already.

 

[Surv0]

Ignore it, nothing they can do now since OTP is signed, they are taking a chance.

 

[KleinBoontjie]

Fuk'em, they lost this one.


And to think, there's someone out there that's willing to pay more for your house. Jealous.....

 

[RonSwanson]

What a kak OTP. And then the clowns wanna fix it later?

 

[Ngabs]

Just ignore, pretty obvious they want to screw you with a higher offer.

More confusing though is when are these 48H supposed to start? Sounds like 48 hours have already elapsed since you originally signed since you had to get bond approval and such in place already.

The 48 hours means that, if the buyer receives another offer. I have 48 hours to counter offer, if I don't counter the offer, my OTP with the seller is void.

 

[Kosmik]

Ignore it.

 

[SauRoNZA]

The 48 hours means that, if the buyer receives another offer. I have 48 hours to counter offer, if I don't counter the offer, my OTP with the seller is void.

I seemed to recall that it rather meant they could take another offer within 48h of my signing an OTP with them.

Would be different for every contract I guess.

 

[ScottulusMaximus]

Any annexure must be agreed to by both parties, just don't agree to it, you don't have to be rude about it though... And if you're at bond approval stage the time for price negotiation is long gone.

 

[Mista_Mobsta]

Does your initial OTP stipulate any clauses regarding "subject to any annexures..." etc?
If not, no need to sign.

If yes, have an attorney ready.

 

[ProfA]

Why is this even a question when the answer is so blatantly obvious??

 

[Tman*]

dont ignore it. Inform the seller & attorney you are not agreeing to the terms

 

[Lupus]

If your bond is already approved, the OTP is pretty much done and dusted. You've offered, he accepted, your bank is sorting out paying him. Changing the OTP now is stupid as you've already gotten so far in.

 

[My_King]

Jirre so many kak people out there. Screw them

 

[SmartKit]

Hi there,

Both myself and the seller of a house signed the OTP, we got the bond approved and transfer cost ready, a week later we get a annexure document from the sellers attorneys saying that we need sign the annexure for a 48 hour clause, it essentially says that the seller can accept higher offers and that we have 48 hours to counter the offer or otherwise the contract is void.

Getting an annexure after signing everything seems fishy? As though the buyer recieved a higher offer and wants to back out of our offer.

Is this legal?

And? How did they take your refusal?

 

[Venomous]

The 48 hours means that, if the buyer receives another offer. I have 48 hours to counter offer, if I don't counter the offer, my OTP with the seller is void.

If you don't sign then it means they cannot accept a higher offer now. If bond is done then it means things have progressed a fair bit. Tell the agent that you respectfully decline as there has already been fair progress.

 

[Kosmik]

Does your initial OTP stipulate any clauses regarding "subject to any annexures..." etc?
If not, no need to sign.

If yes, have an attorney ready.

Doesn't matter, you cannot have an annexure/addendum to a written contract without BOTH parties signing it.

 

[Smokey888]

Buy the house, and then sell it to the new potential buyer = instant profit