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?
Category: Property, Buying and Sellings
Region: South Africa, North-West
1 Answer
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.