can a house seller rescind their sales agreement within 14 days of signing the OTP...Or is there any other way that a seller can get out of selling their property after signing the OTP
No it was not
Apologies for the late response, but I've been away. With regards XXXXX XXXXX buyers options in this case:
- What damages can they sue for, and do they have to prove these damages? The agreed occupational rent as listed in the contract is R17,500 pm, and the buyer wanted to move in on the 1st of Nov 2013.
- When you say, the buyer can sue for specific performance, what does this mean exactly? That they can force the sale? If so, how much will something like this cost the buyer?
WRT the agent suing:
- I'm almost certain they will sue for the commission, which in this case is R125,000. How much can this process cost the agent in terms of lawyers fees?
WRT to how the seller can handle this litigation:
- I understand that being the seller who now has changed their mind (after signing the OTP and getting the process underway), I am in a very weak position. What legal avenue's / angle do I have to defend myself (if any), and how much will this defense likely cost?
- I ask these questions because I've been unemployed since Nov 2011, and should I be sued, would have to make payment plans for payment of these lawsuits (which could be very onerous to the buyer and agent, and thus a deterrent to their intended legal action)
FYI: Shall I attach a copy of the signed OTP, in order for your to advise me more accurately? I would appreciate any feedback on how I can proceed practically and legally in order to limit my damages, while not losing my home.
Thanks in advance,
Please attach the OTP with the paperclip sign in the answer box?
I'm not certain this document is inserting properly because while the second 'image upload' window seems to input the link on my laptop to the OTP, when I press OK, it doesn't populate the first pop-up: 'Insert/Edit image' with the url in the 'Image URL' field.
Please let me know whether you have received the OTP.
Cannot see attachment.
Please ask for assistance from moderator?
I've tried attaching the OTP several times now, and in different manners without any luck.
I've now emailed tech support to hear if they can help
Got it. Will have alook and come back to you within a few minutes.
- What damages can they sue for, and do they have to prove these damages? The agreed occupational rent as listed in the contract is R17,500 pm, and the buyer wanted to move in on the 1st of Nov 2013.They can sue for any removal costs or deposits, the increased price of a new property etc. They will need to prove all of this.
They can sue for specific performance and effectively force the sale, yes. This will costs the buyer probably about R50 000 -R70 000 and will take about three years if defended by you.
This can also be about the same as above.
You will have to use an angle of either there was a misunderstanding, in other words no "meeting of the minds', or on the basis that they have not satisfied all the requirements of the OTP, or that you are unable to warrant the things as set out in the OTP.
Ask more if not clear.
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