What Does ‘Under Offer’ Mean in South Africa?

When you see a property listed as “under offer,” it means the seller has accepted an Offer to Purchase from a buyer, but the sale isn’t final yet. The buyer still needs to fulfil certain conditions before the transaction becomes legally binding.

This period typically lasts between 14 to 30 days, depending on the conditions outlined in the offer to purchase. Common conditions include:

• Bond approval The buyer securing home loan financing.
• Property inspection Professional building and pest inspections.
• Electrical compliance certificate Ensuring electrical systems meet safety standards.
• Transfer of existing property If the buyer needs to sell their current home first.

How the 72-Hour Clause Protects Sellers

The 72-hour clause is a standard condition that allows sellers to accept a better offer while their property is under offer. Here’s how it works:

If a seller receives a better offer, they must give the original buyer 72 hours written notice. The first buyer then has three options:

1. Match or beat the new offer.
2. Remove their suspensive conditions immediately.
3. Walk away from the transaction.

Most sellers insist on keeping this clause because it prevents them from losing out on potentially better deals while waiting for conditions to be met.

Ready to compete for your dream home? Get your free pre-approval today it takes just 5 minutes and gives you the confidence to act fast when the perfect property appears.

You can get pre-approved by contacting an expert at ooba Home Loans or by using our free, online pre-approval tool, the Bond Indicator.