Asked by the Customer on 20-01-2015 18:11:58
Question posted in the Property Law category relating to Gauteng
Question posted in the Property Law category relating to Gauteng
Good Day,
I sold my huse yesterday, signing the agreement. Wromg decision. I made a terrible mistake. Is there someting kie a cool off period in this case, please?
I sold my huse yesterday, signing the agreement. Wromg decision. I made a terrible mistake. Is there someting kie a cool off period in this case, please?
Further information relating to Question:
No, thank you, nothing else.
Message from the Customer
I am not sure if "Irrevocable: Unable to be cancelled or nullified" here beneath is your answer?
Message from the Attorney
Posted by Att. Patrick on 20-01-2015 21:21:54
Hi there and thank you for your question,
The Consumer Protection Act (CPA) does have a cooling off period of 5 days built into it, but unfortunately that only applies in respect of transactions that you entered into as a result of direct marketing! I doubt that you sold your house as a result of direct marketing? The other thing is that in order to use the cooling off period, you need to have been the consumer in the transaction. i.e. the purchaser! If you were the seller of the property, then unfortunately the CPA's cooling off period won't assist you.
The next thing is that the sale of your property NEEDS to be documented in writing. All of the terms needs to be in writing, and it needs to be signed by both (or all) of the parties. If it isn't, then refuse to sign anything further as the sale has not been finalised. Only once it is signed is it a done deal!
If the above doesn't apply to you, then there is not really anything that you can do to get out of the sale.
If there are suspensive conditions that the purchaser needs to meet in the agreement to make it final, then you can hope and pray that the purchaser doesn't meet those conditions - since the sale will then become VOID.
The only other thing is to speak to the purchaser and ask the purchaser to cancel the sale due to you wanting to back out of the deal. Maybe the purchaser wants some $$$ to back off? The other problem is that the estate agent will want his commission paid out as well ... which could be R50k or more!
If the above doesn't assist, then you are stuck. You could take the actual agreement to an attorney for him to read it and advise further? But that's going to cost you a bit. I can't refer you to a specific attorney, but I can direct you to the following two websites, www.findanattorney.co.za OR www.attorneys.co.za, where you can find a list of qualified attorneys in your area who will be able to assist you further!
I'm sorry that I'm not the bearer of excellent news.
If there is a part of the answer which you need more advice on, or clarity please continue in this same thread instead of opening a new question.
Att. Patrick
Please remember this is a dialog if you have follow up questions please use the REPLY button and ask. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered. I hope you found my answer helpful, and you have finished asking your questions, please click on the GREEN ACCEPT button in order to mark the question as closed.
The Consumer Protection Act (CPA) does have a cooling off period of 5 days built into it, but unfortunately that only applies in respect of transactions that you entered into as a result of direct marketing! I doubt that you sold your house as a result of direct marketing? The other thing is that in order to use the cooling off period, you need to have been the consumer in the transaction. i.e. the purchaser! If you were the seller of the property, then unfortunately the CPA's cooling off period won't assist you.
The next thing is that the sale of your property NEEDS to be documented in writing. All of the terms needs to be in writing, and it needs to be signed by both (or all) of the parties. If it isn't, then refuse to sign anything further as the sale has not been finalised. Only once it is signed is it a done deal!
If the above doesn't apply to you, then there is not really anything that you can do to get out of the sale.
If there are suspensive conditions that the purchaser needs to meet in the agreement to make it final, then you can hope and pray that the purchaser doesn't meet those conditions - since the sale will then become VOID.
The only other thing is to speak to the purchaser and ask the purchaser to cancel the sale due to you wanting to back out of the deal. Maybe the purchaser wants some $$$ to back off? The other problem is that the estate agent will want his commission paid out as well ... which could be R50k or more!
If the above doesn't assist, then you are stuck. You could take the actual agreement to an attorney for him to read it and advise further? But that's going to cost you a bit. I can't refer you to a specific attorney, but I can direct you to the following two websites, www.findanattorney.co.za OR www.attorneys.co.za, where you can find a list of qualified attorneys in your area who will be able to assist you further!
I'm sorry that I'm not the bearer of excellent news.
If there is a part of the answer which you need more advice on, or clarity please continue in this same thread instead of opening a new question.
Att. Patrick
Please remember this is a dialog if you have follow up questions please use the REPLY button and ask. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered. I hope you found my answer helpful, and you have finished asking your questions, please click on the GREEN ACCEPT button in order to mark the question as closed.
Answer Accepted
This answer was accepted on 21-01-2015 06:26:03
Message from the Customer
Thank you very much. I was hoping that there was something of a wonder cure for my fix that I did not know. Unfortunately you confirmed my worst expectations. I'll pray that purchaser will not meet suspensive conditions. Thanks again, Johan.
If you would like to view the entire answer, you will need to either login or register a FREE account.