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PURCHASE BID APPROVAL OF BUYER PLANS

Purchase bid approval of buyers plans

When a person decides to purchase a piece of land or property from another, he or she is referred to a as a purchaser or buyer and the one who is selling it is referred to as the seller. The buyer and seller enter into an agreement for sale of the property in question and this is legal and binding. In which the purchaser or the buyer informs of the amount that he or she will pay as consideration for the purchase of the property and the date by which the amount will be paid as well as the way the amount will be paid. Incase there is an escrow amount or installments etc.

The purchaser however, sometimes adds an amendment to the agreement. As per the amendment, he says that the sale will only be considered as finalized and will only go through provided certain conditions are met. These are that the buyer will need to be given the plans and particulars of the property and only once the buyer has reviewed them and given his or her expressed approval of the plans as well as the particulars in question, only then will the contract be considered as final. However, the clause also states that this needs to be done within a stipulated time period from the date accepted by the seller and the final accord with regards the formal contract which is signed by all the parties. For this document to be legal it not only needs to be signed and dated but it needs to be witnessed as well.

 

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