Witnessing of Sale Agreements/OTP's
Category Industry News
- This is not a new legal requirement – it is merely a requirement by ABSA if your buyer intends to also apply to them for a home loan.
- Every witness’ full names and ID must also appear from the sale agreement.
- One and the same person (including the agent) may witness ALL parties’ signatures provided of course that he/she was personally present at the time of ALL signatures.
- Therefore you may only need one witness, or 5 for that matter if you have 2 sellers and 3 buyers, and all of them scattered and unable to all sign at the same time or place!
- The bottom line is that, in the event that a dispute should arise as to the authenticity of a buyer/seller’s signature, ABSA wants to be able to call upon the witness to confirm or deny that person’s signature.
- ABSA will implement this on ALL OTP’s received as from 17 May 2017
Author: Miltons Matsemela
