27/10/2023
Clearly explained by one of our most dynamic and talented agents. Marlyn Ferreira - Agents On The Move keep up the great work Real Estate in SA - NO ADVERTS! a great read.
⚖️72 Hour Clause Explained (also known as CONTINUED MARKETING CLAUSE)⚖️
The 72-hour clause protects the seller from missing out on a sale by enabling the seller to continue marketing his property during the period in which the purchaser needs the suspensive condition/s to be fulfilled, for instance obtaining a home loan or waiting for pension funds to pay out.
However, if the seller gets another offer, the seller must first give the purchaser a written notification that allows them 72 hours to remove the suspensive conditions, failure of which the seller can cancel the deed of sale without any legal consequences.
Example:
The Seller has the right to market his property until the suspensive condition/s as set out in this agreement, has been fulfilled.
Should the Seller therefore at any time before the fulfillment of all suspensive conditions stipulated in this deed of the sale receive another bona fide OTP in respect of the property, which offers he, in his sole discretion finds more acceptable and wishes to accept, then the purchaser herein shall be notified of such fact in writing and shall have 3 (three) business days (excluding Saturdays, Sundays and Public Holidays) from time of receipt of such notification to waive in writing the benefit of all suspensive conditions in this agreement thereby binding the purchaser unconditionally to the agreement, failing of which the agreement will lapse and be of no further force and effect.
