Problem with purchase for a property for cash
I put in an offer to purchase for a property for cash. The money is in the account of the transferring attorneys pending cancellation of the bond of the seller. However the bank wants to do a valuation of the property and restructure the seller’s finances. To his frustration this has taken over 3 months. As a result no transfer has been done. Can I withdraw the offer to purchase, recoup my money and hold the seller liable for all costs incurred to date?
Unreasonable delay in the fulfilment of contracts entitles one to cancel. But first you must inform the seller and give him a date by which if his side of the agreement is not fulfilled you will cancel. It is called “ Putting him in mora ( delay)”. Ultimately it is his duty to see to it that his side of the deal is done. Recovering your cost will be a little bit more tricky if it is due to no fault of the seller.