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72-uur klousule/ 72-hour clause

In die strammer ekonomies toestande wat ons nou betree, gaan dit dikwels gebeur dat ‘n verkoper voor die keuse gestel gaan word om, óf ‘n aanbod vir die aankoop van eiendom te aanvaar, onderhewig aan opskortende voorwaardes, soos byvoorbeeld die verkoop van ‘n koper se eiendom of die verkryging van ‘n verband, óf om eerder vir ‘n kontant koper te wag en die risiko te loop dat die eerste koper dalk van die toneel verdwyn.

Although sellers obviously want the best price for the property in the shortest period, the reality is that cash purchasers are becoming an increasingly scarce commodity and sellers may have to seriously consider offers introduced subject to suspensive conditions.

Opskortende voorwaardes is natuurlik altyd gekoppel aan ‘n tydperk waarbinne daaraan voldoen moet word en die kontrak verval in totaliteit indien daar nie aan die voorwaardes voldoen was binne die periode nie. Die onderliggende probleem met sodanige voorwaardes is natuurlik dat dit in die algemeen beteken dat die eiendom effektief uit die mark onttrek word vir die periode wat daar toegelaat word vir voldoening daaraan.

Since it is clearly not always the best option for a seller to accept an offer subject to a suspensive condition, the practice has evolved to introduce the so-called 72-hour clause to help mitigate the risk of losing a possible future unconditional buyer. The introduction thereof into an agreement of sale of a property has the effect that the seller is entitled to call upon the purchaser to comply within 72-hours with all the suspensive conditions, if and when, a bona fide unconditional offer to purchase is received from a third party or lose out on the transaction.

Op sodanige wyse voorkom die verkoper dus dat die geleentheid gemis word wanneer ‘n kontant koper skielik vorendag sou kom en word die inisiatief behou om die uitkoms van die transaksie te beheer gedurende die tydperk terwyl daar op voldoening van die opskortende voorwaarde gewag word. Die is amper soos die twee vlieë met een klap, behalwe dat in die geval een vlieg, altyd na die tyd, half bedwelmd, wegkom!

A seller cannot ordinally demand of the purchaser, in the first instance, to pay a higher purchase price, if an unconditional second offer is received for a higher purchase price. That will only be possible if the so called “meet or beat” condition was introduced as part of the 72-hour clause, in which instance the purchaser will be compelled to at least match the price as may be offered by the third party offeree.

Dit is baie belangrik dat verkopers nie net hul prokureurs versoek om die bewoording van ‘n voorgestelde 72-uur klousule na te gaan alvorens hul hulself daartoe verbind nie, maar ook die prokureur versoek om die implimentering daarvan te behartig, wanneer ‘n verdere aanbod ontvang word wat die implimentering van die 72-uur klousule noodsaak.

Getting your attorney involved as suggested will ensure that most of the typical challenges as may be encountered when notifying the purchaser in the first instance of the third party offer that was received and which have over time often been the subject of many a legal dispute, is effectively sidestepped.

Groete / Regards
Hennie & Eberhard

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