Results 1 to 3 of 3

Thread: How to cancel a property sale legally?

  1. #1
    New Member
    Join Date
    Jun 2009
    Location
    alberton
    Posts
    1
    Thanks
    2
    Thanked 0 Times in 0 Posts

    How to cancel a property sale legally?

    Two month ago, I signed a offer to purchas a property when I thought my financial situation is fine. And I have deposited first payment to the attorney. The register has not taken place yet. However, now, I've found some difficulties in my financial situation, and I want to cancel the sale. How can I do it properly without against the law.

  2. #2
    Suspended
    Join Date
    Nov 2007
    Location
    South Africa
    Posts
    180
    Thanks
    10
    Thanked 29 Times in 21 Posts
    It will be very difficult, you will most certainly lose your deposit.
    Best advise is speak to the seller, agent and attorney at the same meeting ASAP

  3. Thanks given for this post:

    Bingmiao (29-Jun-09)

  4. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,649
    Thanks
    3,305
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    I believe some wicked people who get buyers remorse phone their bank and tell them they don't think they can afford the bond/about to get sued/may be losing their job. The bank pulls the finance and hey presto.

    Once the deal is well and truly dead the crisis might also magically disappear.

  5. Thanks given for this post:

    Bingmiao (29-Jun-09)

Similar Threads

  1. [Question] How far can I stretch "breach of contract" in a property sale?
    By Stephen in forum General Business Forum
    Replies: 30
    Last Post: 26-May-10, 11:09 AM
  2. Industrial Property rejuvenation - area specific for rentals
    By dnelson in forum General Business Forum
    Replies: 0
    Last Post: 05-Jun-09, 03:32 PM
  3. [Article] PROPERTY INVESTMENT / Dealing with defaulting tenants
    By QUINN in forum General Business Forum
    Replies: 3
    Last Post: 13-May-09, 12:24 PM
  4. Rates on Sectional Title Units
    By Sieg in forum General Business Forum
    Replies: 1
    Last Post: 29-Aug-08, 01:14 PM
  5. Increase in property rates
    By Eugene in forum General Business Forum
    Replies: 3
    Last Post: 19-Nov-07, 10:18 AM

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
  •