Results 1 to 5 of 5

Thread: Breach of Purchase and Sale

  1. #1
    Email problem
    Join Date
    Nov 2008
    Posts
    2
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Breach of Purchase and Sale

    Hi,

    I recently sold my apartment and moved into the new premises prior to tranfer occuring. When documnets were lodged at the deeds office the purchaser decided to cancel their bond....leaving me in a situation...
    What action can i institute...

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,980
    Thanks
    3,055
    Thanked 2,463 Times in 2,068 Posts
    Blog Entries
    12
    Did the purchaser cancel the bond, or did the bank withdraw it?

    Mind you, either way it's messy.

    What part of the country are you in?
    The trouble with opportunity is it normally comes dressed up as work.

  3. #3
    Email problem
    Join Date
    Nov 2008
    Posts
    2
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Hi,

    The purchaser asked the bank to cancell the bond...
    im in durbs....

  4. #4
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,980
    Thanks
    3,055
    Thanked 2,463 Times in 2,068 Posts
    Blog Entries
    12
    Well, in theory at least the conveyancer is working for you, so they should do the legal chasing and be acting in your interests.

    Being in Durban, if you don't trust your conveyancer for some reason, I can recommend Sieg as a lawyer who knows his way around this sort of stuff.
    The trouble with opportunity is it normally comes dressed up as work.

  5. #5
    Diamond Member wynn's Avatar
    Join Date
    Oct 2006
    Location
    east london
    Posts
    3,338
    Thanks
    548
    Thanked 624 Times in 523 Posts
    Did you have a deal (Offer to purchase/Deed of sale) in place which stated that the purchaser had to arrange finance through a bank?

    If so they cannot renage by asking the bank to cancel an already OK'd loan application. (different if the bank cancelled)

    Doubt if it is worth your while persuing them for payment, but if suffer a loss as a result of their action you can claim that loss from them.

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •