Question posted in the Property Law category relating to Gauteng
Hello , my name is Tshepo
I wanted to ask what charges by law will i be liable for in the event of me cancelling my on going property purchase .
I signed a sales agreement for 600k for an apartment and the transfer has been lodged but not registered yet , also i i was not required to pay transfer duty only just the purchase price
Answer to the Question
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.
You were not required to pay transfer duty because the value of the property is less than R800k, which is the minimum value property that transfer duty is liable on.
If you cancel the transfer now, three things are going to happen -
1) The estate agent will sue you for their commission;
2) The seller might sue you to take transfer, or he might sue you for any damages that he suffers;
3) The conveyancing attorney will sue you for their fees.
Given that the transfer has already been lodged, it might be too late to cancel the sale since all they are waiting on is for the Deeds Office to register the transfer.
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