Witnessing of Sale Agreements/OTP's

1. 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.
2. Every witness’ full names and ID must also appear from the sale agreement.
3. 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.
4. 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!
5. 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.
6. ABSA will implement this on ALL OTP’s received as from 17 May 2017

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