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Although South Africa breathed a collective sigh of relief as President Ramaphosa announced the start of lockdown level three as of the 1st of June, it’s no doubt that COVID-19 has had a severe impact of the market value of property in South Africa.
All too often people try to argue slight technicalities in the law in hopes of trying to capitalise at the expense of another party.
Rectification serves as a remedy for parties whose written agreement does not reflect their common intention at the time the agreement was concluded.
Regarding the first question raised, when a suspensive condition with limited time is included in a contract, the time limit is usually intended to be for the benefit of the seller, while a condition requiring a loan to be obtained is usually for the benefit of the purchaser.
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