Is making an offer on a house binding?

An Offer to Purchase is a legally binding contract; once you sign it, you cannot withdraw without incurring penalties.

There are some exceptions:

• The seller fails to fulfil their obligations as stipulated in the Offer to Purchase.
• You can withdraw if the offer is less than R250 000, although you have to provide written notice within five days of signing.

This is why it’s so important to understand the terms and clauses of the Offer to Purchase before signing, and why seeking legal advice or the help of an estate agent is recommended.