Is the purchase offer binding

When the buyer has found the property on which he or she wishes to make a purchase offer, the real estate agent assists the buyer with the drafting of the purchase offer and looks after the interests of the buyer in accordance with the law and offers the buyer sound advice. It is important to bear in mind that a purchase offer is binding and the party making the offer can be held liable for damages should he or she renege on the offer if no provisions have been made. As soon as a loan is obtained the real estate agent arranges for the purchase agreement to be finalized.