I have received an offer for my house, but I am concerned that the suspensive conditions attached to the prospective sale may be detrimental to me. The first condition is that the sale is dependent on the buyer selling his house within a 70-day period. Secondly, if I receive another offer, I must give the buyer seven days to make a decision before I can accept the second offer. I feel … [Read more...]
Search Results for: Suspensive condition
Seller concerned about lengthy suspensive conditions
An offer a reader has received on her house is dependent on certain suspensive conditions being met and she is concerned it will be detrimental to her chances of selling it. … [Read more...]
Suspensive conditions if the buyer can’t get a bond
This week, a reader has sought the experts' advice about a suspensive condition on an offer to purchase a fixed property. … [Read more...]
Suspensive conditions: How to cancel a property purchase
A reader has approached our experts about a potential problem involving an offer to purchase on a fixed property that was subject to a suspensive condition. … [Read more...]
Deposit not suspensive condition
Our panel often receives questions about suspensive conditions linked to property sales. These conditions affect not only the buyers and sellers but also the estate agent involved in the sale and, very often, third-party buyers and sellers who are waiting on fulfilment of a deal on which their own property transaction depends. This week we take a look at a set of facts presented by someone … [Read more...]
Steer clear of vague suspensive conditions
Subsequent to a previous column that dealt with the same topic, this week's reader would like advice from our panel of experts regarding suspensive conditions. He put in an offer to purchase a property subject to the sale of another property and the seller accepted the offer. Our reader's suspensive condition was never met and he accepted that his offer to purchase the property became null and … [Read more...]
Offer to purchase leads to agreement of sale
A reader who submitted an offer to purchase a property has discovered a number of potential problems with the dwelling but believes she will not be adversely affected as there is no agreement of sale as yet. … [Read more...]
Dos and don’ts of demolishing a house
A reader who is intent on demolishing the house on his property has asked the YourProperty expert for guidance on the procedures, permits and applicable rules. He explains that he intends to use the levelled site to build a new house and is in the planning stages of the process. The reader says he has also been approached by a developer who is interested in purchasing the property, knocking … [Read more...]
Seller sits on certificates of compliance
This week the YourProperty panel assists a reader who is still battling to extract certificates of compliance from the seller after purchasing a property several months ago. As part of their agreement of sale, the seller was obligated to provide certificates detailing the state of the electrical system, plumbing and borer beetle within the property. The reader explains that she initially … [Read more...]
Commercial property and buying a small business
The YourProperty expert has received a commercial property query about the impact of a lease on the purchase of a small business. The reader has expressed interest in buying a small food and beverage type business that currently operates from a converted, formerly residential, dwelling. … [Read more...]
Quick reference
Click one of these links for a quick solution to your problem. This page will be updated continuously. Annual General Meeting (AGM) Body corporate Chairman/Chairperson Commission Consumer Protection Act Co-ownership Deeds office Deposit Developer Divorce Drainage Eviction Fixture Fiduciary relationship Habitatio Homeowners Association (HOA) Huur gaat voor … [Read more...]
Seller in suspense over instalment sale
A reader has approached the Property Poser panel with a number of questions regarding the sale of a fixed property by way of instalments and also the effect that a suspensive condition might have on such a sale. The reader is looking to sell his sectional title flat and has been introduced to a potential purchaser by an agent. The buyer has only qualified for a bond of 85% of the purchase … [Read more...]
Agent’s commission paid prematurely
This week the Property Poser panel looks at the ramifications of a situation where the conveyancing attorney paid out an estate agent’s commission before he was entitled to do so. A reader writes that he paid a deposit into the attorney’s trust account, which was earmarked for transfer costs. The attorney instead used the money to pay the agent’s commission and, when confronted by the reader, … [Read more...]
Time out for property transfer
This week our experts shed light on the transfer process and how long it typically should take. A reader made an offer to purchase a property – subject to obtaining a bond to finance it and selling her existing property within three months. However, the property that she purchased is one of two houses on a piece of land that was to be subdivided into various stands for a cluster housing … [Read more...]
Always include an exit clause
This week’s reader may soon find herself without a roof over her head after selling her house and signing an offer to purchase another. To her shock, her bond application was denied and in the process she realised there was no clause in the contract protecting her from this eventuality. She contacted the agent, who is doing both deals, asking her why there was no such clause. The agent told … [Read more...]
What to do when a property’s size is misinterpreted
A reader has written to our panel of experts about a recently acquired property that has turned out to be nearly one-third smaller than she thought she had bought. While making plans to extend the patio and put in a pool in the front garden, the reader and a builder compared the area to the municipal plans. To their dismay, they found that the front fence is on municipal land and the front … [Read more...]
Can a buyer be sued for having insufficient funds?
I am seeking advice in regard to an offer to purchase. If a person has signed only the offer to purchase and has been approved for the home loan application, but applied for extended finance to cover the transfer and registration cost to a bank and the application was rejected, can a buyer be legally sued from cancellation reason that they cannot afford without further … [Read more...]
Can I cancel an offer to purchase a property?
I need your advice on my attempt to cancel an offer to purchase one day after the seller had signed his acceptance. The agent told me then that the agreement was irrevocable till a set date which has passed (I didn't understand the document so I told him that I needed a simpler format of the agreement and signed so that I wouldn't lose the property). Now the agent is calling and … [Read more...]
