Hi, My wife and I have just signed a "QU...

Asked by Anonymous on 17-03-2021 21:08:48
Question posted in the Property Law category relating to Gauteng


My wife and I have just signed a "QUOTATION FOR HOME LOAN" with a major bank in Johannesburg. Less than 5 hors later we received another home loan quotation from a different bank. The last offer received has a 40% discount on lawyers fees as well as a lower bank rate (7.1%). Are we at liberty to withdraw our signed offer (which is subject to a 5 day validity period) or not? Obviously the cheaper rate and lower lawyers fees are what we would prefer. Can we still cancel the signed and acepted home loan offer from the first bank, and lose out on cheaper rates, or are we bound to the signed quotation?

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