OTL definition

OTL stands for offer to lease.

This is a document covering salient terms of a tenant’s lease agreement in South Africa.

(The UK version of an OTL is an HOTS or heads of terms)

If tenant and landlord, represented sometimes by the property manager, agree on the OTL terms, next step is signature of the lease agreement.

The sales agreement counterpart of an OTL is an OTP – an acronym for offer to purchase.

Incidentally, in the UK, a HOTS is used for either a lease or a sales transaction.

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