Breach of Purchase and Sale

[Sherwyn]

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...

[Dave A]

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?

[Sherwyn]

Hi,

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

[Dave A]

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.

[wynn]

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.