Good evening, 

please can you kindly assist me . 

I signed an offer to purchase( signed 25/10/2016)for a property of which only one bank approved a 90% bond(bank offer accepted 17/11/2016) . At the time I had agreed to fund the difference with my own money that I had saved.

due to unforeseen circumstances, my car had an accident ( 2/12/2016)  , I now have to use that excess cash to fix my car. So I informed the agent(7/12/2016) who then told me to write a letter stating that I am withdrawing my purchase, which I then did and she said she will forward it to the lawyers.

now the attorneys want to institute legal action , which I understand they have a right to do in terms of the contract. But I will no longer be able to pay the difference.

I read the offer to purchase again and it stipulates I should apply for a bond for the full purchase amount, but it doesn't state that the contract will cancelled if the bond is for less than 100%. 

Please advise what options I have, if any , in successfully cancelling the purchase without any legal action being taken against me. 

Do I need to provide them with proof that I will no longer be able to afford it ? Am I compelled to seek further fundig to finance the difference? But surely this would put me in a worse off financial position? What about the effect this will have on my credit score if I'm gonna be apply for debt everywhere. 

Conditions of contract :

pay R5000.00 deposit to secure unit

funding to be obtained by 21/11/2016. 

Your assistance is greatly appreciated. 

Kind regards, 

Mbali