Asked by the Customer on 24-07-2020 14:40:46
Question posted in the Property Law category relating to Western Cape
Signed a OTP with agent who referred us to SA Homeloans for bond application and transfer assist as we did not have the full amount for the transfer fees. SAHL can only give a 100% bond based on the wife confirmation of permanent empoyment which to date is only in a temp capacity. Hence, no bond approval for the OTP price. Seller now wants to sue. What are the buyers right?
Message from the Attorney
Posted by Att. Patrick on 31-07-2020 16:24:22
If your OTP was subject to successful bond approval, and you have not got bond approval, then the OTP is void and no longer effective. This means that the seller can't sue you.
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