Why a blank space on an OTP could mean your deal is dead!
Remember “the Fraser case” where the Supreme Court of Appeal found a deed of sale void because material facts were left blank in the signed Offer to Purchase (OTP)? Read the Fraser case summary here.
As we stare down the barrel of a deep recession, no one can afford to lose a signed sale simply because of a tardily drafted, incomplete OTP.
It’s time for a shake-up in sales documentation! The industry’s old version of capturing important facts about the bond, the deposit, the occupation date and the commission all haphazardly dispersed over a 13 plus page OTP is not worth the risk.
Blank spaces on OTPs are common, often it is pure oversight – a missed field in one of the many pages; or worse a missing initial by one of the parties.
TPN is proud to present our newly drafted SalesPack, modelled on the winning formula of the TPN LeasePack. All the items to be completed on the OTP are completed in the schedule at the start of the document. This means that all parties to the agreement can easily scan the first couple of pages to ensure the document is one hundred percent complete with no need to initial each item.
Vacancy Survey Report Q4 2023
The many challenges currently facing consumers, including the increased cost of living, has benefited the residential property investor and the various industries that support the overall residential rental market ecosystem. Rentals continue to grow,…
