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CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 1568
Experience:  BCom; LLB; Masters in Law
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Mike, I have paid over approx. R460k as deposit to an agent

Customer Question

Hi Mike, I have paid over approx. R460k as deposit to an agent for some property there was then some delay from my side in concluding the transaction - the seller cancelled the sale and retained the deposit. The property was R1,7 mill. Do I have a right to claim the money back?
Submitted: 2 years ago.
Category: South Africa Law
Expert:  CaseLaw replied 2 years ago.
Hi there and thank you for your question,
I'm assuming that the seller placed you in breach of the terms of the sale agreement in writing, advising you that if you didn't rectify the breach by XYZ date then that would give the seller the right to cancel?
Can you confirm?
Also, does the sale agreement contain a clause that says that the R460k is a non-refundable deposit?
Or, does the sale agreement contain a clause that says "in the event of the cancellation of the sale agreement by the seller as a result of the purchaser's breach, the seller is entitled to retain the deposit as damages"?
Please let me know.
If there is something more specific that you need clarity on, please continue in this same thread. Let me know if you need more advice!
I hope you found my answer helpful. If you did, PLEASE rate my answer & please leave me positive feedback!
Good luck and best regards,
CaseLaw
Please note: This answer does not create an attorney-client relationship. Please consult a local attorney in person for legal advice. This information is being provided so you can better discuss legal matters with your attorney.
Expert:  CaseLaw replied 2 years ago.
Hi there again,
I hope that you understood the above advice and that it was useful? Please leave positive feedback for me.
If you have a further question please ask it?
Regards
CaseLaw