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Thread: Any advice on property sale?

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    Any advice on property sale?

    Because of the Agreement of Sale not being completed correctly (wrong erf number) and wrong purchase amount, the contract was not legal and my property was sold on auction to the same buyer for R250 000 less than his offer completed by the agent. What are my rights and can I claim damages from the Estate Agent?

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    Diamond Member Justloadit's Avatar
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    Amose welcome to the forum.

    There is not much information in your thread, so we can not offer any advice.

    For what reason was the property being sold?
    Under what circumstances was the property auctioned?
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    More information

    The property has been on the market since November on a sole mandate - the bank repossessed the property due to arrears and an auction date was set - before the auction the agent introduced a cash buyer whose funds were transferred into the attorneys trust account - but the attorney rejected the offer to purchase because the agent completed the contract wrong and a new contract was signed but the bank rejected the offer because the funds (on instruction of the attorney) was paid into the attorney's trust account and not into the bond account and the auction went ahead and the property was sold to the same buyer on the auction for R250 000 less. If the contract was completed correctly and the funds paid into the bond account the auction would have been cancelled and the sale would have been succesful.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by amose View Post
    If the contract was completed correctly and the funds paid into the bond account the auction would have been cancelled and the sale would have been succesful.
    The funds have to go into the conveyancor's trust account until transfer is effected, and I doubt this would be the reason for the bank rejecting the offer.

    What I'm struggling to wrap my head around is the effect and consequences of the incorrect property details on the offer to purchase.
    The trouble with opportunity is it normally comes dressed up as work.

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    Platinum Member sterne.law@gmail.com's Avatar
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    If the details were wrong in the contract of sale, correcting it should have been no problem.
    Sometimes a property is incorrectly identified(I point out the wrong building) and that has consequences.
    The attorney(conveyancer?), was he instructed by the eventual buyer?
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

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    The attorney in question is the bank's attorney who dealt with the auction - the reason according to the attorney for the rejection of the offer was because the full purchase price paid was in his trust account and not in the bond account?? I still have trouble accepting that I had a signed Deed of sale, the full purchase amount in the attorney's trust account and the bank refused to cancel the auction and the home was sold to the same buyer on the auction for 250 000 less -

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    Diamond Member Justloadit's Avatar
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    I suggest you visit an attorney to clear this up, and if possible take with you a copy of the signed document. To me it sounds like a underhand deal took place at your expense. If you start making noises, they may just broker a deal to keep you quite.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by amose View Post
    The attorney in question is the bank's attorney who dealt with the auction - the reason according to the attorney for the rejection of the offer was because the full purchase price paid was in his trust account and not in the bond account??
    If the money was in the trust account of the bank's attorney, I tend to agree with Justloadit - your next stop should be to consult an attorney with every scrap of documentation you can lay your hands on.
    The trouble with opportunity is it normally comes dressed up as work.

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