Difference Between "Offer to Purchase" & "Sales and Purchase Agreement":
Offer to Purchase (OTP):
Definition: A preliminary document where the buyer expresses their intention to purchase the property and makes an initial offer.
Purpose: Secures the buyer's interest and typically includes terms like the purchase price and the deposit amount.
Nature: It is not legally binding but usually comes with a deposit to show commitment.
Sales and Purchase Agreement (SPA):
Definition: A formal and legally binding contract that finalizes the terms of the sale.
Purpose: Includes detailed terms and conditions of the sale, such as payment schedules, completion date, and other legal obligations.
Nature: It is a comprehensive agreement that legally binds both parties to the sale.
Timing of Signing:
Not Simultaneous: The OTP is typically signed first to indicate the buyer’s intention and to secure the property.
SPA Signing: The Sales and Purchase Agreement is signed later, usually after the OTP has been accepted and when all conditions have been met.
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