Asked by Kyla on 11-09-2024 11:03:28
Question posted in the Property Law category relating to Gauteng
I hope you are well. I would like to request your legal advice regarding a property purchase I am currently involved in. Below are the key details and my concerns:
I submitted an Offer to Purchase for a property, which was made subject to securing a bond for 100% of the purchase price, bond registration, and transfer fees. I received bond approval from multiple banks and there is still a cost shortfall. Given that the OTP included a conditional clause for the full amounts, do I have the right to cancel the OTP without penalties if the bond does not cover the full amount. Is there any risk of penalties or legal consequences for cancelling the OTP if I notify the seller and estate agent that the bond approval did not meet the conditional clause? Do I need any specific documentation from the banks or estate agents to prove that the condition has not been fulfilled?
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