A purchase agreement is an agreement between buyer and vendor, where the conditions of the deal are determined. The sales presentation is considered part of the purchase agreement. When a buyer signs a purchase agreement, it is considered a purchase offer.
Several offers / multiple bidders
It happens that several buyers wish to purchase the same property. It is always the vendor who chooses to whom he/she wishes to sell. Each time an offer is made on the property the vendor considers whether he/she wishes to sell – regardless of the size of the offer. It is not until both buyer and seller has signed the purchase agreement, an agreement has been made.
Until the seller has accepted the offer, the buyer can withdraw the offer without any further costs.
The purchase agreement is final once:
Even though both buyer and vendor have signed the purchase agreement, the buyer still has a right to withdraw – Read more about this here.