- 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.
- 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?
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.
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?
This can also be about the same as above.
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?
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.
You will simply have to defend it, otherwise, if specific performance is granted they will be able to evict you from the property
Ask more if not clear.