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Posts Tagged 'what happens if buyer pulls out of house sale South Africa'

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Cooling Off in the Context of Property Purchase Transactions & The Consumer Protection Act

The Alienation of Land Act provides that for immovable property sale transactions of R250 000 and below, a cooling off period of 5 business days applies. In this period the purchaser may notify the seller and revoke the offer with no consequences.

Cancelling an Offer to Purchase – Possible Implications

Cancelling an effective contract is usually not without repercussions, depending on the nature of the contract and the obligations under it. Some cancellations may be due to breach of the agreement by one party or both, requiring the affected party to seek redress and restitution to the extent of their proven loss.


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