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When you make an offer on a property, you are required to sign an offer to purchase. It is the seller's prerogative to either accept or reject the offer within the specified time period. On acceptance, your offer to purchase becomes a legally binding contract. So, before signing, read through it carefully. Check in particular for the following:

• A full description of the property (as described In the title deed).
• The purchase price and deposit (and how this will be paid).
• The actual date of occupation (and the occupational rent, if applicable).
• The conditions of sale, ie whether it is subject to the sale of your property or the granting of a homeloan by a financial institution.
• All fixtures and Fittings to be included in the purchase should be specified to avoid future disputes.
• Also pay close attention to some important clauses in the offer to purchase, such as:
• Voetstoets clause — this clause provides that you take the property as is, with all defects as they exist.The clause does not cover misrepresentations by the seller or a refusal on the seller's side to divulge known defects at the time of the sale.
• a clause relating to electrical inspection — the seller will have to provide you with an electrical certificate of compliance on transfer. This should be stated in writing in the offer to purchase. Should there be any electrical work or repairs required to the property, such work or repairs must be effected at the seller's cost.
• cooling-off clause — if the purchase price of the property is less than R250 000, you will have a period of five working days after signing the offer to reconsider your decision. You may give written notice of your intention to cancel the agreement within this period, Should you decide to cancel the offer, no liabilities for damages or estate agent's commission can arise. agent's commission — this should normally be for the seller's account.

On signing an offer to purchase, you may be asked to pay a deposit.This is generally payable to the estate agency or the attorney appointed to handle the transfer of the property. Both these parties have trust accounts where your money is protected. If you pay a deposit, ensure that you receive the appropriate receipts and confirmation that the funds have been placed in a trust account. Remember to specify that interest is for the benefit of the buyer.

Applying for finance

The first and most important stage in applying for finance is to ensure that you obtain the best advice and Buy To Let loan option that suits you.