Any advice on property sale?

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  • amose
    Email problem
    • Mar 2011
    • 3

    #1

    [Question] 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?
  • Justloadit
    Diamond Member

    • Nov 2010
    • 3518

    #2
    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 pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

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    • amose
      Email problem
      • Mar 2011
      • 3

      #3
      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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      • Dave A
        Site Caretaker

        • May 2006
        • 22803

        #4
        Originally posted by amose
        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.
        Participation is voluntary.

        Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services

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        • sterne.law@gmail.com
          Platinum Member

          • Oct 2009
          • 1332

          #5
          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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          • amose
            Email problem
            • Mar 2011
            • 3

            #6
            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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            • Justloadit
              Diamond Member

              • Nov 2010
              • 3518

              #7
              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 pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

              Comment

              • Dave A
                Site Caretaker

                • May 2006
                • 22803

                #8
                Originally posted by amose
                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.
                Participation is voluntary.

                Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services

                Comment

                • claassenattorney
                  Full Member
                  • Mar 2018
                  • 33

                  #9
                  Hello, Amose

                  It is bad to hear that you have faced a loss in the course of buying the property. But, do not be tensed. There are legal rights that can help you to claim for the loss. Better you can hire a professional property lawyer who deals with this type of cases for years. He can assist you in claiming for the damage from the real estate agent and will protect your legal rights.
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