The earliest bird catches the worm. This statement rings true in nature as well as the property market. The 72-hour clause is a clause that ensures that the seller of immovable property does not miss out on the opportunity to make a sale by granting him the opportunity to accept an offer after one has already put forth previously.

The catch to this provision is that the purchaser must be given notice of the new offer and given 72 hours to remove any suspensive conditions (these are those conditions that must be fulfilled before an agreement or a contract becomes binding on the parties) that may arise from the original offer to purchase.

This provision is advantageous in that it keeps the seller’s options open and enables him to continue promoting the sale while the prospective buyer decides whether or not to purchase.  It has an advantage for the buyer as well because they may sign an offer to buy without being held accountable if things do not turn out as planned, it also gives the buyer safety and peace of mind.

A trained and experienced property lawyer will be necessary to guarantee that the 72-hour clause is legally binding because it is a complex component of South African law, and any mistakes resulting from poorly drafted terms or other blunders might result in costly litigation.