Sale Agreement Archives - Ashersons Attorneys

03 Jun 2019

You Signed a Property Sale Agreement, Can You Still Accept a Better Offer?

Imagine a situation where you put your property on the market and an acceptable, but not-perfect, offer is received. You think of the old saying “a bird in the hand is worth two in the bush” and you decide that you are going to accept the offer - even though it’s not ideal. Perhaps it’s not perfect because it’s subject to a suspensive condition - common ones give the buyer time to sell his/her current house or to obtain a bond. In each scenario your sale will fall through if the buyer is unsuccessful within the stated time, and if…

08 Oct 2018

By Ashersons Attorneys

Selling Your House: Disclosing Defects

When you sell anything, our law requires that you deliver it to the buyer without any defects. That’s not easily achieved with property and you should always protect yourself with a voetstoots (“as is” or “without any warranty”) clause in your sale agreement. A recent High Court decision in the case of Van Rooyen v Brown and Another (A3104/2015) [2018] ZAGPJHC 453 again confirms that when it comes to selling your house, honesty is indeed the best policy. Specifically, disclose all defects you know of to potential buyers, or risk expensive litigation and damages claims. Defects and Defences The buyers of…

05 Sep 2017

By Selwyn Zackon

The R1m Buffalo That Died: A Lesson in Passing of Risk

We buy and sell things every day, and no doubt most of us assume that it is only when we become the owner that we take the risk of our purchase being damaged or destroyed. Not always – in our law, passing of ownership and passing of risk are two different concepts, and although in our day-to-day lives they are normally simultaneous, sometimes they aren’t. What happens then? The general rule in our law - unless the parties have agreed otherwise - is this – A buyer becomes the owner of a movable asset only when it is “delivered” to…

06 Jul 2017

By Ashersons Attorneys

Your Property Sale Agreement: Be Careful How It’s Worded!

Here’s yet another reminder from our courts on how important it is – if you want to avoid the trials of litigation - for you to have your property sale agreement drawn up professionally. One thing it must do, as the case in question clearly shows, is record the terms of your agreement precisely and without any room for argument. This High Court case in Phepeng and Another v Estate Late Ame Combrinck and Others (792/2017) [2017] ZAFSHC 54 revolved around a “bond clause” in a sale agreement. A bond clause is a standard protection for any buyer who needs finance…

24 Aug 2015

By Ashersons Attorneys

Buying And Selling Property: The Bond Clause Blues, And How To Beat Them

“Men keep agreements when it is to the advantage of neither to break them” (Solon, Athenian lawgiver c. 638 BC - 559 BC) Here’s the story of yet another High Court battle over a disputed property sale agreement. A fight over how to interpret the “bond clause” again highlighted how vital it is to clearly express the intentions of both the seller and the buyer in every word of the agreement. A seller gets cold feet (the facts) The seller sold a property to the buyer for R1,62m, payable on registration of transfer. The bond clause made the sale conditional…