Good day. I bought property to the value...

Asked by the Customer on 14-04-2016 14:35:44
Question posted in the Property Law category relating to Western Cape

Good day.

I bought property to the value of R475000 but the actual market value is R250000. The agreement between myself and the private owner was that I pay a deposit of R117000 and monthly payments of R10 000 pm. I just found out that the property Is unserviced, which means I cannot submit my plans and I'm paying rates and tax to the legal owner. This was not mentioned in the contract drawn up by the owner.
I feel that I'm obviously paying to much for the property which is my own fault because I didn't do my homework and secondly, he didn't mention that the property is not serviced.
What can I do ?? Please help

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