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Posts Tagged 'cancelling an offer to purchase'

We are pleased to present below all posts tagged with 'cancelling an offer to purchase'. If you still can't find what you are looking for, try using the search box.

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.

Cancelling an Offer to Purchase

Both the purchaser and the seller sign the agreement once the offer has been accepted. Once both parties have signed the OTP, it becomes a legally binding contract. This requires both parties to fulfil their individual responsibilities as specified in the agreement.


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